GIC buys $1.2 billion stake in London Paddington office campus

LONDON (BLOOMBERG) – GIC has exchanged contracts to purchase a majority stake in an office campus in London’s Paddington district from British Land for £694 million (S$1.2 billion), in response to a press release on Monday (April 25).

The Singapore sovereign wealth fund will personal a 75 per cent stake in Paddington Central – which homes firms equivalent to Microsoft, Visa and Prudential – as soon as the unconditional deal completes throughout the subsequent three months. The deal values the properties at about 1 per cent under British Land’s September ebook worth.

London places of work with lengthy leases and robust inexperienced credentials have continued to lure international buyers at the same time as Covid-19 casts a shadow over the way forward for workspace. They are betting that demand will stay sturdy for the restricted quantity of contemporary house out there regardless of the waning attraction of older and fewer environmentally pleasant buildings.

“We are seeing returning demand in the take-up of new office spaces that are of high quality and in prime locations,” mentioned Ms Tracy Stroh, head of actual property in Europe for GIC.

The deal will create the second main London actual property enterprise between British Land and GIC, which collectively personal the Broadgate campus in the City of London. British Land initially purchased Paddington Central in 2013 for £470 million and has since developed the campus out additional.

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