Singapore, Abu Dhabi funds invest in Manhattan

time warnerSingapore’s and Abu Dhabi’s sovereign wealth funds will join developer Related Companies to acquire the Manhattan headquarters of media group Time Warner, the latest large property deal to be struck by foreign investors in New York, the Financial Times reported.

Time Warner is selling its trophy 1.1 million square foot offices at its namesake complex at Columbus Circle for $1.3 billion as it seeks to move to a new skyscraper planned on the city’s far west side.

Singapore’s GIC and Abu Dhabi Investment Authority (ADIA) will each invest just over $300 million, with additional equity from Related, people familiar with the matter said, according to the paper. Debt investors will also help finance the deal.

ADIA has been a leading buyer of US property, particularly hotels, but often invests alongside other parties. GIC in 2012 invested in an office tower in San Francisco’s financial district, and in March acquired the Grand Wailea on the Hawaiian island of Maui and four other resorts from a group including Paulson & Co for $1.5 billion. GIC’s involvement in the Time Warner transaction was first reported by Singapore’s Business Times.

Time Warner will continue leasing its existing office space for at least another five years.



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Singapore’s and Abu Dhabi's sovereign wealth funds will join developer Related Companies to acquire the Manhattan headquarters of media group Time Warner, the latest large property deal to be struck by foreign investors in New York, the Financial Times reported. Time Warner is selling its trophy 1.1 million square foot offices at its namesake complex at Columbus Circle for $1.3 billion as it seeks to move to a new skyscraper planned on the city’s far west side. Singapore’s GIC and Abu Dhabi Investment Authority (ADIA) will each invest just over $300 million, with additional equity from Related, people familiar with...

time warnerSingapore’s and Abu Dhabi’s sovereign wealth funds will join developer Related Companies to acquire the Manhattan headquarters of media group Time Warner, the latest large property deal to be struck by foreign investors in New York, the Financial Times reported.

Time Warner is selling its trophy 1.1 million square foot offices at its namesake complex at Columbus Circle for $1.3 billion as it seeks to move to a new skyscraper planned on the city’s far west side.

Singapore’s GIC and Abu Dhabi Investment Authority (ADIA) will each invest just over $300 million, with additional equity from Related, people familiar with the matter said, according to the paper. Debt investors will also help finance the deal.

ADIA has been a leading buyer of US property, particularly hotels, but often invests alongside other parties. GIC in 2012 invested in an office tower in San Francisco’s financial district, and in March acquired the Grand Wailea on the Hawaiian island of Maui and four other resorts from a group including Paulson & Co for $1.5 billion. GIC’s involvement in the Time Warner transaction was first reported by Singapore’s Business Times.

Time Warner will continue leasing its existing office space for at least another five years.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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