Singapore sovereign wealth investor GIC has led a consortium to acquire a $1.3bn swathe of real estate in New York’s Time Warner Center.
GIC will invest alongside Middle Eastern SWF Abu Dhabi Investment Authority (ADIA) and US real estate firm Related Companies to acquire 1.1 million square feet of offices.
The office space will be leasedback to Time Warner until early 2019, GIC said.
Regional head of Americas at GIC real estate Tia Miyamoto said, “Time Warner Center is one of the premier mixed-use projects in the country. We see significant upside in leasing the high quality office space following Time Warner’s planned relocation to 30 Hudson Yards. We believe strong demand for this first-rate office property will translate into a stable income stream which suits GIC as a long-term investor.”
GIC recently acquired a package of London real estate from private equity firm Blackstone Group for £1.7bn.
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