Singapore, 12 February 2020 – GIC, Singapore’s sovereign wealth fund, has acquired Beijing’s LG Twin Towers from South Korean conglomerate LG Group, for over RMB8 billion.
Located in Beijing’s Guomao Central Business District, the asset is a high-quality integrated development that comprises two Grade-A office towers and a retail podium, with a total GFA of 140,680 m2 and a well-diversified tenant mix. It is prominently located along Chang’an Avenue, a key artery road in Beijing, and offers direct access to Yong’an’li subway station.
Lee Kok Sun, Chief Investment Officer, GIC Real Estate, said, “GIC has been investing in China for more than two decades. China remains a key focus for us, and this investment reflects our continued commitment to identifying attractive opportunities in this market. We expect this landmark development to benefit from the strong demand for offices in central Beijing and generate resilient returns over the long term.”