Singapore to buy London property for $2.7b

BroadgateIn what will be the largest property deal for the UK since the financial crisis in 2008, Singapore’s sovereign wealth fund GIC is to buy 50 per cent of Broadgate, a cluster of 16 office buildings, shops and restaurants on 12 hectares in the City of London financial district.

GIC, formerly known as Government of Singapore Investment Corp., will buy the stake from private equity giant Blackstone Group, which agreed to sell it for more than $2.7 billion, according to a Bloomberg report. British Land, a London-based property investment company, will continue to own the remaining 50 per cent stake in Broadgate.

The deal has been described as “a long-term strategic investment into a trophy asset” in London by analysts.

Singapore’s purchase is another in a row of property deals in London by Southeast Asian buyers. Malaysia’s palm oil giant Sime Darby with partner SP Setia, a large property developer, and Malaysia’s Employees’ Provident Fund bought London’s iconic Battersea Power Station in 2012 for around $600 million.

GIC had 10 per cent of its assets in real estate globally as of March 31, 2013, its latest annual report shows. The fund is ranked the 8th-biggest sovereign wealth fund worldwide, with assets estimated at $248 billion.



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In what will be the largest property deal for the UK since the financial crisis in 2008, Singapore's sovereign wealth fund GIC is to buy 50 per cent of Broadgate, a cluster of 16 office buildings, shops and restaurants on 12 hectares in the City of London financial district. GIC, formerly known as Government of Singapore Investment Corp., will buy the stake from private equity giant Blackstone Group, which agreed to sell it for more than $2.7 billion, according to a Bloomberg report. British Land, a London-based property investment company, will continue to own the remaining 50 per cent stake in...

BroadgateIn what will be the largest property deal for the UK since the financial crisis in 2008, Singapore’s sovereign wealth fund GIC is to buy 50 per cent of Broadgate, a cluster of 16 office buildings, shops and restaurants on 12 hectares in the City of London financial district.

GIC, formerly known as Government of Singapore Investment Corp., will buy the stake from private equity giant Blackstone Group, which agreed to sell it for more than $2.7 billion, according to a Bloomberg report. British Land, a London-based property investment company, will continue to own the remaining 50 per cent stake in Broadgate.

The deal has been described as “a long-term strategic investment into a trophy asset” in London by analysts.

Singapore’s purchase is another in a row of property deals in London by Southeast Asian buyers. Malaysia’s palm oil giant Sime Darby with partner SP Setia, a large property developer, and Malaysia’s Employees’ Provident Fund bought London’s iconic Battersea Power Station in 2012 for around $600 million.

GIC had 10 per cent of its assets in real estate globally as of March 31, 2013, its latest annual report shows. The fund is ranked the 8th-biggest sovereign wealth fund worldwide, with assets estimated at $248 billion.



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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