GIC, Singapore’s sovereign wealth fund, has agreed to acquire Tour Ariane, a 40-storey office tower with a gross lettable area of 64,500m² for approximately €465m, from Unibail-Rodamco-Westfield. Located in the heart of the La Defense business district in Paris, Tour Ariane is within walking distance from two main transport hubs and multiple amenities. Its accessibility and connectivity will further benefit from the Grand Paris project, which will reduce connection times to major airports and train stations.
Tour Ariane presents multiple value creation opportunities over the long term, which GIC expects to capture by investing to enhance the asset. The asset will be managed by Baumont Real Estate Capital. The transaction is subject to standard conditions precedent and is expected to close in the fourth quarter of 2018.