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Singapore's GIC confirms Paris office tower purchase

GIC Pte. Ltd. acquired the 40-story PB6 office tower in Paris for an undisclosed consideration.

The 60,000-square-meter property will be managed by BauMont Real Estate Capital, Singapore's sovereign wealth fund noted in a news release, adding that the building offers value-creation opportunities. The tower is fully leased by utility provider EDF.

While financial details of the transaction were not revealed, French reports cited by Mingtiandi values the purchase deal with CNP Assurances SA at €530 million.

The deal for the building in the city's La Defense district had reportedly been in negotiations since September.

The property's anchor tenant is also said to be looking to vacate about 15,000 square meters of the space it occupies in the 20-year-old building ahead of its lease expiry at the end of 2023.