City Of London
GIC Buys £694 Million Stake in London Paddington Office Campus
- Singapore’s sovereign wealth fund to take a 75% stake
- Deal is unconditional and will complete within three months
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GIC Pte has exchanged contracts to buy a majority stake in an office campus in London’s Paddington district from British Land Co. for 694 million pounds ($888 million), according to a statement Monday.
The Singaporean sovereign wealth fund will own a 75% stake in Paddington Central once the unconditional deal completes within the next three months, the statement said. The deal values the properties at about 1% below British Land’s September book value.