SINGAPORE PRESS-GIC to buy stake in NYC's Time Warner Center - Business Times
Singapore sovereign wealth fund GIC is close to snapping up a part of New York City's Time Warner Center, a 229 metre (750 feet) twin-tower mixed-use complex in the southwestern corner of Central Park, the Business Times reported.
The Business Times said GIC is part of a consortium in the final stage of talks with Time Warner Inc to buy the 1.1 million square feet of office space that the latter owns. The consortium will then lease the space back to Time Warner Inc.
A source close to the deal said that GIC will be paying US$400 million, which will give it a "substantial stake" of the Grade A office space Time Warner Inc is selling.
NOTE: Reuters has not verified this story and does not vouch for its accuracy.