GIC buys into 2m sq ft of City redevelopment opportunities

摘要

Singapore's GIC will gain exposure to more than 2m sq ft of City of London refurbishment and redevelopment opportunities as a result of its decision to buy Blackstone's half-share in Broadgate. The sovereign wealth fund will need to put hundreds of millions into repositioning much of the 4.7m sq ft estate over the next decade, on top of stumping up as much as £1.7bn for 50% of the existing real estate. Its investment includes "trophy" properties such as UBS's 700,000 sq ft new headquarters at 5 Broadgate. But the biggest opportunities, which will hold "downside" risks too, stem from the banking giant's planned emptying of up to 827,166 sq ft of office space when it relocates during 2016-18.