International Business & Economy GIC announces purchase of $741m Paris building, investment in aircraft leasing company

GIC announces purchase of $741m Paris building, investment in aircraft leasing company




- Advertisement -

As part of its recent buying spree, GIC will be buying an office building in Paris worth S$ 741 million, as well as investing in a minority stake in the fourth biggest commercial aircraft leasing company in the world, NAC, for an amount that the company has yet to disclose.

GIC made known its newest investments in two separate statements on Tuesday morning, October 16.

NAC is Nordic Aviation Capital, which is based in Denmark. Its total assets are worth US $8 billion, with a fleet of 468 regional aircraft in Europe. GIC is buying shares from existing shareholders, as well as infusing new capital into the company.

NAC will continue to have Swedish investment fund EQT VI as its biggest shareholder, and founder and shareholder Martin Møller will stay on as chairman of the company.

- Advertisement -

Chief investment officer of private equity at GIC, Choo Yong Cheen, said, “NAC has a strong track record of growth and market leadership in a segment with secular growth drivers. As a long-term investor, we look forward to partnering with Martin Møller and EQT and supporting the future growth of the company.”

The building in Paris bought by GIC is 40-story Tour Ariane, purchased from commercial real estate firm Unibail-Rodamco-Westfield for 465 million euros (S$ 741 million). The property has 64,500 square metres of gross lettable area.

According to GIC, “Tour Ariane offers quality space at affordable rents. It presents multiple value creation opportunities over the long term, which GIC expects to capture by investing to enhance the asset.”

Baumont Real Estate Capital will be managing the property. The purchase is expected to conclude by the fourth quarter of this year, subject to standard conditions.

Set in the ideal location at the La Défense business district, Tour Ariane had access to many amenities as well as transport hubs. The company also said the property will receive benefits from being near the Grand Paris project, an urban development initiative.

Send in your scoop to 

- Advertisement -

Almost 8 out of 10 vote PN can’t survive GE 15 without UMNO

Almost eight out of 10 respondents on a Twitter survey voted that Bersatu will not survive GE-15 without UMNO, according to BFM radio survey held this morning (22/2/2021) during its Morning Run programme. Of the 206 voters (respondents) in the final countdown,...

Foodpanda rider called “Blur Sotong” by netizen

Singapore — A Foodpanda rider shared his unfortunate experience with a customer. He took to Facebook on Saturday morning (Feb 20), sharing screenshots of the conversation. Posted by Chan Okada SJ on Friday, 19 February 2021 The rider shared that the customer had asked...

Journalist claims Karen Mok is the only woman Stephen Chow has ever thought of marrying

Hong Kong -- Last year, comedian Stephen Chow's public and ugly legal battle with his former girlfriend over their finances gave a rare peek into the personal life of the fiercely private 58-year-old. It was reported that out of all the women...

Send in your scoop to