The purchase was made for an undisclosed sum from Chinese state-owned enterprise Beijing Capital Land.
GIC has acquired a 50-percent stake in a 42-story office building in Beijing's Lize Financial Business District (LFBD), making it the building's sole owner post-acquisition, the Singapore sovereign wealth fund announced in a media release on Thursday.
«This investment reflects GIC’s continued confidence in China, and commitment to acquiring quality assets with good long-term earning potential in this market,» GIC said in the statement.
Attractiveness and Accessibility
The grade-A building is situated on the main thoroughfare of LFBD, an emerging central business district located in the southwest of the city.
The statement noted the building's attractiveness and accessibility, as it is directly connected to an interchange station for key public transport lines, as well as upcoming infrastructural developments in the district.
