January 25, 2017 / 1:14 AM / 3 years ago

GIC leads $1.04 billion investment in office tower in downtown Manhattan

SINGAPORE (Reuters) - Singapore sovereign wealth fund GIC Pte Ltd and Paramount Group (PGRE.N) have formed a joint venture to acquire office tower “60 Wall Street” in downtown Manhattan for $1.04 billion.

The JV, in which GIC has a 95 percent share, is paying $640 per square foot for the 47 storey tower that also serves as the U.S. headquarters of Deutsche Bank (DBKGn.DE), a joint statement said.

GIC, which is among the more established real estate investors in the world, has more than 350 property-related investments in over 40 countries.

These include investments in the Time Warner Center in New York and assets in the United Kingdom, Japan and Australia.

Reporting by Saeed Azhar; Editing by Michael Perry

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