Singapore's GIC Pte Ltd is partnering a group of investors to purchase $1.3 billion worth of Manhattan office space from Time Warner Inc, as the sovereign wealth fund steps up its purchases of real estate where it sees increasing value.GIC, which has signalled its investments are driven by opportunity rather than geography, has been buying up real estate in developed markets as property prices recover from lows hit during the 2008-9 financial crisis.Just three weeks ago, GIC partnered British Land Co Plc to buy London office and retail space from U.S. private equity firm Blackstone Group LP for around 1.7 billion pounds ($2.78 billion).In its latest deal, GIC, together with a venture of the Abu Dhabi Investment Authority (ADIA) as well as U.S. real estate firm Related Companies, will buy 1.1 million square feet of office space in the Time Warner Center at Columbus Circle.
The Blackstone Group L.P. (Blackstone) is a manager of private capital and provider of financial advisory services. Shares of BX traded higher by 0.43% or $0.14/share to $32.49. In the past year, the shares have traded as low as $17.06 and as high as $32.83. On average, 4352810 shares of BX exchange hands on a given day and today's volume is recorded at 2051226.
Time Warner Inc. (Time Warner) is a media and entertainment company. Shares of TWX fell by 0.29% or $-0.19/share to $64.95. In the past year, the shares have traded as low as $49.41 and as high as $70.77. On average, 4356410 shares of TWX exchange hands on a given day and today's volume is recorded at 4945334.
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