GIC to buy office tower in Paris for $741m

It has a gross lettable area of 64,500 sqm.

GIC will acquire Tour Ariane which is a 40-storey office building located in France from European real estate firm Unibail-Rodamco-Westfield for $741m (€465m), an announcement revealed.

Located in the heart of the La Défense business district of Paris, Tour Ariane’s proximity to transport hubs and amenities will provide multiple opportunities over the long term, which GIC said it will aim to capture through the investment.

“Its accessibility and connectivity will further benefit from the Grand Paris Project, which will reduce connection times to major airports and train stations,” GIC said.

It will be managed by Baumont Real Estate Capital. The deal is expected to close by Q4.

GIC has entered into deals in over 40 countries and continues to invest in emerging markets.