Breaking News

GIC buys Wall Street building for S$1.4b

Singapore's sovereign wealth fund, in a joint venture with Paramount Group, acquires 60 Wall Street, which currently serves as the US headquarters of Deutsche Bank. 

SINGAPORE: GIC, Singapore's sovereign wealth fund, has partnered with real estate investment trust Paramount Group to acquire a building in Wall Street for US$1.04 billion (S$1.48 billion).
According to joint press release on Wednesday (Jan 25), GIC has a 95 per cent stake in the joint venture, while Paramount holds the remaining stake. The building on 60 Wall Street is a 47-storey, 1.6 million sqft office tower that is currently Deutsche Bank's US headquarters, it added.
Paramount had previously managed and owned about 5 per cent of the property, and after the acquisition, will maintain that ownership interest and continue to manage the building. 
Mr Adam Gallistel, regional head of Americas at GIC, said: “This investment reflects our long-term confidence in Downtown Manhattan which is benefitting from over US$30 billion of recent public and private investments in infrastructure and new construction. We believe 60 Wall Street is one of the top buildings in Downtown and is poised to benefit from the ongoing downtown renaissance."

No comments