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GIC leads $1.04 billion investment in office tower in downtown Manhattan

The skyline of downtown Manhattan, including the Freedom Tower, is seen in this aerial photograph over New York City, September 13, 2016.
Saul Loeb | AFP | Getty Images
The skyline of downtown Manhattan, including the Freedom Tower, is seen in this aerial photograph over New York City, September 13, 2016.

Singapore sovereign wealth fund GIC and Paramount Group have formed a joint venture to acquire office tower "60 Wall Street" in downtown Manhattan for $1.04 billion.

The JV, in which GIC has a 95 percent share, is paying $640 per square foot for the 47 storey tower that also serves as the U.S. headquarters of Deutsche Bank, a joint statement said.

GIC, which is among the more established real estate investors in the world, has more than 350 property-related investments in over 40 countries.

These include investments in the Time Warner Centre in New York and assets in the United Kingdom, Japan and Australia.

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