GIC RE ACQUIRES A 50% INTEREST IN PRIME OFFICE BUILDING IN PARIS CBD

SINGAPORE, LONDON, PARIS, 17th March 2003

GIC Real Estate Pte Ltd (GIC RE) has acquired a 50% interest in a prime office building (6-8 Boulevard Haussmann) located in the Paris CBD. The acquisition is made through a joint-venture with the vendor, a real estate investment fund of the AXA Group, managed by Axa Real Estate Investment Managers, who retains the other 50% interest.

6-8 Boulevard Haussmann, which was completely refurbished in 2001/2002, is a modern, 9 storey office building with 25,000 square metres of net area. The building is fully let out on long term leases. AXA Real Estate Investment Managers (AXA REIM) has been appointed as the asset manager of the property.

Dr. Seek Ngee Huat, President of GIC RE said, “We are pleased to add this prime property to our portfolio in Paris. The attractions of this property are its prominent location in the financial district of Paris CBD, its excellent building quality and the long term income profile.”

About GIC RE
Headquartered in Singapore, GIC Real Estate Pte Ltd (GIC RE) is a pre-eminent global real estate investment manager. The company manages a multi-billion dollar portfolio of direct and indirect property investments worldwide. GIC RE is the real estate investment arm of Government of Singapore Investment Corporation (GIC) which manages the foreign reserves of Singapore.

About AXA REIM
AXA REIM, is a wholly-owned subsidiary of AXA IM, the AXA Group’s asset management arm. AXA REIM is a leading player in its field, with over 350 staff managing real estate assets valued at 20 billion Euros as at the end of 2002 with offices in 8 European countries. Today, approximately 20 percent of total assets under management are managed on behalf of institutional and retail clients from outside the AXA Group.