SINGAPORE: Singapore’s sovereign wealth fund GIC has agreed to acquire Tour Ariane, an office tower in Paris, for about 465 million euros (US$539 million).
The 40-storey office tower, which is owned by Unibail-Rodamco-Westfield, is located in the heart of the La Defense business district in the French capital.
The building has a gross lettable area of 64,500 sq m and is within walking distance from two main transport hubs and multiple amenities, said GIC in a press release.
The interior of Tour Ariane, a 40-storey office tower in Paris. (Photo: Takuji)
“Its accessibility and connectivity will further benefit from the Grand Paris project, which will reduce connection times to major airports and train stations,” it said.
The Grand Paris project is one of Europe’s biggest infrastructure projects, involving 200km of track and 68 stations.
Tour Ariane also offered quality space at affordable rents, said GIC, adding that the tower presented “multiple value creation opportunities over the long term, which GIC expects to capture by investing to enhance the asset.”.
The asset will be managed by Baumont Real Estate Capital and the transaction is expected to close in the fourth quarter of this year.