{"id":1004390468,"date":"2020-02-13T03:56:33","date_gmt":"2020-02-13T11:56:33","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004390468"},"modified":"2020-02-13T04:09:30","modified_gmt":"2020-02-13T12:09:30","slug":"gic-buys-beijing-office-skyscrapers-for-1-1b","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/gic-buys-beijing-office-skyscrapers-for-1-1b\/","title":{"rendered":"GIC Buys Beijing Office Skyscrapers for $1.1B"},"content":{"rendered":"<div id=\"attachment_1004390519\" style=\"width: 310px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004390519\" data-attachment-id=\"1004390519\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/gic-buys-beijing-office-skyscrapers-for-1-1b\/lg-twin-towers-beijing-image-courtesy-of-gic-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/02\/LG-Twin-Towers-Beijing.-Image-courtesy-of-GIC-2.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"LG Twin Towers, Beijing. Image courtesy of GIC\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/02\/LG-Twin-Towers-Beijing.-Image-courtesy-of-GIC-2.jpg?w=800\" class=\"wp-image-1004390519 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/02\/LG-Twin-Towers-Beijing.-Image-courtesy-of-GIC-2.jpg\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/02\/LG-Twin-Towers-Beijing.-Image-courtesy-of-GIC-2.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/02\/LG-Twin-Towers-Beijing.-Image-courtesy-of-GIC-2.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/02\/LG-Twin-Towers-Beijing.-Image-courtesy-of-GIC-2.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><p id=\"caption-attachment-1004390519\" class=\"wp-caption-text\">LG Twin Towers, Beijing.<em> Image courtesy of GIC<\/em><\/p><\/div>\n<p>GIC continues to show its faith in China&#8217;s office market with the acquisition of LG Twin Towers, a two-building office complex in Beijing&#8217;s Chaoyang District. GIC, Singapore&#8217;s sovereign wealth fund, purchased the 1.5 million-square-foot property from South Korea-based conglomerate LG Group in a transaction valued at RMB 8 billion, or approximately $1.1 billion.<\/p>\n<p>The high-rises that comprise LG Twin Towers stand 30 stories tall, hovering above Guomao central business district. As noted in a report by Savills, LG Group invested $400 million in the development of LG Twin Towers in 2005. A Class A office destination, the complex features a retail podium as well as direct subway access. Presently, the buildings are home to a diverse list of businesses, including Banco de Chile, Cathay Pacific Airways, anchor tenant Willis Insurance Brokers Co. Ltd. and a bevy of law firms.&nbsp;<\/p>\n<hr>\n<p><strong>SEE ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/the-global-markets-to-watch-in-2020\/\">Podcast: The Global Markets to Watch in 2020<\/a><\/p>\n<hr>\n<p>Anticipating resilient returns, GIC plans a long-term hold for LG Twin Towers. Currently, the Beijing office market is undergoing a change, with the economic downturn causing demand to slow considerably for the first time since 2010, according to a 2020 outlook report by JLL. However, despite the slump, Beijing remains a magnet for capital. <em>&#8220;The true value of the market still managed to shine through for investors. In fact, the slower performance may be viewed as the starting point to a long overdue adjustment period, helping to remove weakness and setting a better position for the market to benefit from healthier gains in the long run,&#8221;<\/em> according to the JLL report.<\/p>\n<h2><strong>Global Shopping Spree<\/strong><\/h2>\n<p>GIC has been enhancing its commercial real estate portfolio around the world over the last several months, with a particular focus on office assets. In the fourth quarter of 2019 alone, the investment firm acquired the iconic 650,000-square-foot PB6 skyscraper in Paris and purchased the 580,000-square-foot Jessie Street Centre in Sydney in a joint venture with Charter Hall. GIC also acquired the <a href=\"https:\/\/www.commercialsearch.com\/news\/gic-becomes-sole-owner-of-415-ksf-beijing-office-asset\/\">remaining 50 percent interest<\/a> in the tallest building in Beijing\u2019s burgeoning Lize Financial Business District, becoming sole owner of the 415,600-square-foot property. The firm has been investing in China&#8217;s real estate market for more than 20 years.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Singapore&#8217;s sovereign wealth fund purchased LG Twin Towers, two skyscrapers totaling 1.5 million square feet, from South Korean conglomerate LG Group.<\/p>\n","protected":false},"author":969,"featured_media":1004390519,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,16,21783,21742,21747],"tags":[33650,48698],"class_list":["post-1004390468","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-international","category-investment","category-latest","category-office","tag-gic","tag-lg-group"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>GIC Buys Beijing Office Skyscrapers for $1.1B - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/gic-buys-beijing-office-skyscrapers-for-1-1b\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GIC Buys Beijing Office Skyscrapers for $1.1B\" \/>\n<meta property=\"og:description\" content=\"Singapore&#039;s sovereign wealth fund purchased LG Twin Towers, two skyscrapers totaling 1.5 million square feet, from South Korean conglomerate LG Group.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/gic-buys-beijing-office-skyscrapers-for-1-1b\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2020-02-13T11:56:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-02-13T12:09:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/02\/LG-Twin-Towers-Beijing.-Image-courtesy-of-GIC-2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/gic-buys-beijing-office-skyscrapers-for-1-1b\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/gic-buys-beijing-office-skyscrapers-for-1-1b\/\",\"name\":\"GIC Buys Beijing Office Skyscrapers for $1.1B - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/gic-buys-beijing-office-skyscrapers-for-1-1b\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/gic-buys-beijing-office-skyscrapers-for-1-1b\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/02\/LG-Twin-Towers-Beijing.-Image-courtesy-of-GIC-2.jpg\",\"datePublished\":\"2020-02-13T11:56:33+00:00\",\"dateModified\":\"2020-02-13T12:09:30+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/gic-buys-beijing-office-skyscrapers-for-1-1b\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/gic-buys-beijing-office-skyscrapers-for-1-1b\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/gic-buys-beijing-office-skyscrapers-for-1-1b\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/02\/LG-Twin-Towers-Beijing.-Image-courtesy-of-GIC-2.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/02\/LG-Twin-Towers-Beijing.-Image-courtesy-of-GIC-2.jpg\",\"width\":800,\"height\":620},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/gic-buys-beijing-office-skyscrapers-for-1-1b\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"GIC Buys Beijing Office Skyscrapers for $1.1B\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32\",\"name\":\"Barbra Murray\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/9a36d5070adb56de135886aa49db0452b319180ff050dbd70770fd33a3e63774?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/9a36d5070adb56de135886aa49db0452b319180ff050dbd70770fd33a3e63774?s=96&d=mm&r=g\",\"caption\":\"Barbra Murray\"},\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/barbra-murray\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"GIC Buys Beijing Office Skyscrapers for $1.1B - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/gic-buys-beijing-office-skyscrapers-for-1-1b\/","og_locale":"en_US","og_type":"article","og_title":"GIC Buys Beijing Office Skyscrapers for $1.1B","og_description":"Singapore's sovereign wealth fund purchased LG Twin Towers, two skyscrapers totaling 1.5 million square feet, from South Korean conglomerate LG Group.","og_url":"https:\/\/www.commercialsearch.com\/news\/gic-buys-beijing-office-skyscrapers-for-1-1b\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2020-02-13T11:56:33+00:00","article_modified_time":"2020-02-13T12:09:30+00:00","og_image":[{"width":800,"height":620,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/02\/LG-Twin-Towers-Beijing.-Image-courtesy-of-GIC-2.jpg","type":"image\/jpeg"}],"author":"Barbra Murray","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/gic-buys-beijing-office-skyscrapers-for-1-1b\/","url":"https:\/\/www.commercialsearch.com\/news\/gic-buys-beijing-office-skyscrapers-for-1-1b\/","name":"GIC Buys Beijing Office Skyscrapers for $1.1B - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/gic-buys-beijing-office-skyscrapers-for-1-1b\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/gic-buys-beijing-office-skyscrapers-for-1-1b\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/02\/LG-Twin-Towers-Beijing.-Image-courtesy-of-GIC-2.jpg","datePublished":"2020-02-13T11:56:33+00:00","dateModified":"2020-02-13T12:09:30+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/gic-buys-beijing-office-skyscrapers-for-1-1b\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/gic-buys-beijing-office-skyscrapers-for-1-1b\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/gic-buys-beijing-office-skyscrapers-for-1-1b\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/02\/LG-Twin-Towers-Beijing.-Image-courtesy-of-GIC-2.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/02\/LG-Twin-Towers-Beijing.-Image-courtesy-of-GIC-2.jpg","width":800,"height":620},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/gic-buys-beijing-office-skyscrapers-for-1-1b\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"GIC Buys Beijing Office Skyscrapers for $1.1B"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32","name":"Barbra Murray","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/9a36d5070adb56de135886aa49db0452b319180ff050dbd70770fd33a3e63774?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/9a36d5070adb56de135886aa49db0452b319180ff050dbd70770fd33a3e63774?s=96&d=mm&r=g","caption":"Barbra Murray"},"url":"https:\/\/www.commercialsearch.com\/news\/author\/barbra-murray\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/02\/LG-Twin-Towers-Beijing.-Image-courtesy-of-GIC-2.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004390468","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/969"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004390468"}],"version-history":[{"count":2,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004390468\/revisions"}],"predecessor-version":[{"id":1004390537,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004390468\/revisions\/1004390537"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004390519"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004390468"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004390468"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004390468"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}