Singapore investment company GIC is said to be part of a group buying the New York headquarters of media company Time Warner, according to a report by news agency Bloomberg yesterday.
The 2.8 million-sq-ft property, Time Warner Centre, is located at Columbus Circle in Manhattan and includes offices, restaurants and the Mandarin Oriental hotel. It attracts more than 16 million visitors a year, according to its website.
Citing an unnamed source with knowledge of the deal, Bloomberg said GIC's investment in the Manhattan development would be similar to its purchase of 101 California Street in San Francisco last year.
"Assets like Time Warner Center are absolutely core and trophy in nature," Mr Priyaranjan Kumar, the regional director of capital markets at Cushman & Wakefield in Singapore, told Bloomberg.
"Ownership in such assets assures investors of a durability of cash flows as these kind of properties always outperform the market during phases of recovery and prove very resilient even in downturns."
The news agency reported in July that Time Warner is selling its 1.1 million sq ft space in Time Warner Centre to an investment group led by New York real estate developer Related Companies. The transaction is expected to be worth more than US$1.3 billion (S$1.6 billion) and Time Warner will lease back the space for five years.