S’pore to buy San Francisco office tower

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101 California Street, San Francisco

The Government of Singapore Investment Corp (GIC), which manages the country’s sovereign wealth fund, will invest into a 30-year-old landmark office tower in San Francisco for 1.1 billion Singapore dollars or $900 billion, Bloomberg reported.

The 48-storey tower, named 101  California Street, is located in the city’s financial district, houses tenants such as Merrill Lynch, Morgan Stanley, Deutsche Bank, Booz & Co and and Blackstone Group.

The tower is currently owned by Nippon Life Insurance Co. and its partner Hines. Nippon Life’s 92 per cent stake was up for sale. GIC is expected to invest into the building with a group of partners whose names so far have been undisclosed.

The sale of the tower again show the rising interest of ASEAN investors in Western real estate, not only in the US, but also in Europe, and there especially London.

GIC is a large real estate investor in the US, owning Franklin Centre, a 60-storey skyscraper in  Chicago. GIC is also in a bid to take over a group of bankrupt hotels owned by hedge fund Paulson and Co, including the Arizona Biltmore Resort and Spa in Phoenix and La Quinta Resort and Club in La Quinta, California.

Notable property investments by GIC in Europe include 30 Gresham Street in London and the Upper Munich Tower in Munich. Germany

GIC had 10 per cent of its portfolio allocated to real estate for the year ended March 31, unchanged from the previous year, the fund said in its latest annual report.

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Reading Time: 2 minutes

101 California Street, San Francisco

The Government of Singapore Investment Corp (GIC), which manages the country’s sovereign wealth fund, will invest into a 30-year-old landmark office tower in San Francisco for 1.1 billion Singapore dollars or $900 billion, Bloomberg reported.

Reading Time: 2 minutes

101 California Street, San Francisco

The Government of Singapore Investment Corp (GIC), which manages the country’s sovereign wealth fund, will invest into a 30-year-old landmark office tower in San Francisco for 1.1 billion Singapore dollars or $900 billion, Bloomberg reported.

The 48-storey tower, named 101  California Street, is located in the city’s financial district, houses tenants such as Merrill Lynch, Morgan Stanley, Deutsche Bank, Booz & Co and and Blackstone Group.

The tower is currently owned by Nippon Life Insurance Co. and its partner Hines. Nippon Life’s 92 per cent stake was up for sale. GIC is expected to invest into the building with a group of partners whose names so far have been undisclosed.

The sale of the tower again show the rising interest of ASEAN investors in Western real estate, not only in the US, but also in Europe, and there especially London.

GIC is a large real estate investor in the US, owning Franklin Centre, a 60-storey skyscraper in  Chicago. GIC is also in a bid to take over a group of bankrupt hotels owned by hedge fund Paulson and Co, including the Arizona Biltmore Resort and Spa in Phoenix and La Quinta Resort and Club in La Quinta, California.

Notable property investments by GIC in Europe include 30 Gresham Street in London and the Upper Munich Tower in Munich. Germany

GIC had 10 per cent of its portfolio allocated to real estate for the year ended March 31, unchanged from the previous year, the fund said in its latest annual report.

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