GIC sells Bank of America Merrill Lynch Financial Centre in London for S$1.2b
SINGAPORE — The Republic’s sovereign wealth fund, GIC, has sold its 100 per cent interest in a London property, Bank of America Merrill Lynch Financial Centre, for £582.5 million (S$1.2 billion), it announced today (Oct 9)
Bank of America Merrill Lynch Financial Centre in London. Photo: GIC.
SINGAPORE — The Republic’s sovereign wealth fund, GIC, has sold its 100 per cent interest in a London property, Bank of America Merrill Lynch Financial Centre, for £582.5 million (S$1.2 billion), it announced today (Oct 9)
It was sold to Norges Bank Investment Management (NBIM). The Norway-based company is the investment arm of Norges Bank.
According to an announcement on NBIM’s website, “the transaction did not include any debt financing”. GIC acquired the asset from Merrill Lynch in 2007.
The building is a freehold 585,000-square foot office complex covering a 1.3 hectare site on 2 King Edward Street in London.
The announcement added that the building is fully let to Bank of America Merrill Lynch, which will continue to manage the property under the terms of the lease.
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