Singapore’s sovereign wealth fund GIC has teamed up with other firms to acquire over 2.1 million sq ft of office properties in Washington DC with a combined value of US$1.05 billion, reported Reuters.
Among its partners are affiliates of US-based Beacon Capital Partners, a property developer which owns and manages office assets in key markets in the country.
The acquisitions include Lafayette Centre, a 789,000 sq ft complex consisting of multi-tenant blocks situated in the Central Business District.
Another is Pentagon Centre, a 912,000 sq ft facility comprising two buildings near the headquarters of the Department of Defence and Reagan National Airport. Both are entirely leased long-term to the US General Services Administration.
GIC has also partnered with an existing Beacon-sponsored fund to invest into the 426,000 sq ft Terrell Place, which features three interconnected office buildings situated in the East End.
“These acquisitions will strengthen our portfolio of high-quality office assets in the US and enable us to invest in scale in the Washington DC market, one of the leading gateway cities of the US,” said Adam Gallistel, GIC’s Regional Head for Americas, adding that they are confident the office market in the DC metro area will flourish for a long time.
Singapore-based GIC currently has over 350 property-related investments in more than 40 countries, including the Time Warner Centre in New York, as well as other assets in Japan, Australia and the UK.