GIC sells Bank of America Merrill Lynch Financial Centre for $1.2 billion

Singapore sovereign fund GIC has sold its entire stake in the Bank of America Merrill Lynch Financial Centre in London for £582.5 million (S$1.2 billion). -- PHOTO: GIC REAL ESTATE PTE LTD
Singapore sovereign fund GIC has sold its entire stake in the Bank of America Merrill Lynch Financial Centre in London for £582.5 million (S$1.2 billion). -- PHOTO: GIC REAL ESTATE PTE LTD

SINGAPORE - Singapore sovereign fund GIC has sold its entire stake in the Bank of America Merrill Lynch Financial Centre in London for £582.5 million (S$1.2 billion).

Norges Bank Investment Management, the sovereign wealth fund of Norway, is the buyer of the prime building in London's financial district, said GIC in a statement on Thursday.

This comes on the back of its acquisition of the RomaEst Shopping Centre - in which it already had a 50 per cent interest - in Italy on Monday.

GIC bought the 585,000 sq ft office property from Merrill Lynch in 2007 for £480 million, beating other investors such as Syrian-born tycoon Simon Halabi and Irish investor Derek Quinlan.

The Merrill Lynch Financial Centre was first purpose-built by the American bank, and is an award-winning building near historic St Paul's Cathedral.