Singapore sovereign wealth fund GIC has acquired LG Twin Towers in Beijing from South Korean conglomerate LG Group for around eight billion yuan (S$1.6 billion).
The property in Guomao central business district comprises two Grade-A office towers and a retail podium, GIC said yesterday.
It has a total gross floor area of 140,680 sq m, a diversified tenant mix and direct access to the Yonganli subway station.
Mr Lee Kok Sun, chief investment officer of GIC Real Estate, said: "China remains a key focus, and this investment reflects our continued commitment to identifying attractive opportunities in this market."
He added that GIC expects LG Twin Towers to benefit from the strong demand for offices in central Beijing and to generate resilient returns over the long term.
In other GIC news, Bloomberg News reported that GIC-backed Triputra Agro Persada is gearing up for an initial public offering (IPO) in Indonesia that could raise about US$500 million (S$693 million).
The plantation firm, which counts Indonesian tycoon Theodore Rachmat's Triputra Group as an investor, has held preliminary talks with some banks for the potential first-time share sale that could value the business at over US$2 billion, Bloomberg said.
The company is seeking to list in Jakarta as early as the end of this year, Bloomberg quoted sources as saying.
The latest move comes after crude palm oil prices rebounded more than 40 per cent from an almost four-year low.
Deliberations are still at an early stage and the plantation company could still decide against undertaking the IPO, the sources said.
Triputra Agro Persada and its affiliates have 170,000ha of planted area across 27 estates, Bloomberg said.
GIC and buyout firm Northstar bought a minority stake in Triputra Agro Persada for US$200 million in 2012 and completed a follow-on investment in 2016.
THE BUSINESS TIMES