Friday, 22 September 2023

We are shifting our daily news to Gutzy.Asia Support us there!

Singapore’s GIC acquires LG Twin Towers in Beijing for S$1.59b

The LG Twin Towers from South Korean conglomerate LG Group has been acquired by Singapore’s wealth fund GIC at the value of eight billion yuan (S$1.59 billion).

On Wednesday (12 Feb), GIC announced that the acquisition is an integrated development comprises two Grade-A office towers and a retail podium situated in the Guomao central business district in Beijing, China.

The development area has a diversified tenant mix as well as a total gross floor area of 140,680 square metres.

Located along a key artery road named Changan Avenue in Beijing, the LG Twin Towers provides direct access to the Yonganli subway station.

The chief investment officer of GIC Real Estate, Lee Kok Sun noted that GIC has been investing in China for more than twenty years, and he remarked that “China remains a key focus for us, and this investment reflects our continued commitment to identifying attractive opportunities in this market.”

Mr Lee expects the LG Twin Towers to yield resilient returns over the long run as well as to gain benefits from the high demand for offices in central Beijing.

Bloomberg News also reported that an initial public offering in Indonesia is in the works by GIC-backed PT Triputra Agro Persada (TAP) which could raise around S$693.2 million, according to the those in the loop regarding this matter.

TAP, who considers the buyout company Northstar Group and Indonesian tycoon Theodore Rachmat’s Triputra Group as shareholders, hasf had preliminary discussions with a few banks with regards to the potential first-time share sale which could lead to more than US$2 billion valuation of the business, Bloomberg reported. According to TAP’s sources, by the end of 2020, the company is looking to list in Jakarta.

Based on Bloomberg reporting in 2018, the owners of TAP had considered selling off the business at a valuation of around US$1 billion. Sources also told Bloomberg that an IPO was an option back then. The most recent move was made following the rebound in crude palm oil prices by more than 40 per cent from an almost four-year low, according to Bloomberg data.

As of now, it is still the early stage of deliberations and TAP could still decide not to undertake the IPO, according to sources. At this, Northstar and Triputra Group, the Representatives for GIC did not offer any comments.

Bloomberg remarked that TAP and affiliates presently have 27 estates covering over 170,000 hectares of planted area. Palm oil, which is used in products from shampoo to sweets, is the world’s most consumed edible oil.

In 2012, Northstar and GIC bought a minority stake in TAP and in 2016, they completed a follow-on investment.

Notify of
Inline Feedbacks
View all comments

Latest posts

Election surprises and certainties: Dissecting Tharman’s presidential win

In the 2023 Presidential Election, Mr. Tharman Shanmugaratnam secured a stunning 70.4% landslide victory, surprising many, including himself. Despite expectations that TKL would win the opposition votes, voters from both camps showed a preference for Tharman's charisma and perceived competency. As Singapore reflects on the outcome, questions arise about the election's fairness and the real implications of Tharman's dominant win.

Volunteer as a Polling and Counting Agent for Singapore’s 2023 Presidential Election

For the upcoming Singapore Presidential Election on 1st September, members of the civil society have spearheaded an initiative to strengthen our democratic fabric. We invite committed individuals to join us as Polling and Counting Agents, standing together for a transparent, fair, and just election. This vote counting exercise, organized by members of civil society, is not specifically in support of Mr Tan Kin Lian, a candidate in the upcoming Presidential Election. It's an exercise in active citizenry. Nonetheless, Mr Tan endorses this initiative, which hinges on his candidacy, championing transparency, and has given permission for the results to be shared publicly.

Reflections from the Centenary: The Legacy of LKY and Singapore’s Future

Gilbert Goh reflects on the LKY centenary event: an inspiring showcase of a leader's global legacy juxtaposed against current challenges, urging Singapore to continue its path of progress.

Lim Tean advocates for Tan Kin Lian: A visionary leader for Singapore’s Presidency

In his speech at Mr Tan Kin Lian's launch of his presidential bid, Mr Lim Tean passionately championed the need for a truly Independent President. Highlighting Mr Tan Kin Lian's unique credentials and genuine concern for the wellbeing of Singaporeans, the Peoples Voice leader emphasized the pressing challenges of rising living costs and job insecurities faced by the public. Mr Lim depicted Mr Tan Kin Lian as a beacon of hope for the nation, advocating for a leader who genuinely understands and represents the people’s aspirations.

Tan Jee Say endorses Tan Kin Lian for President: A courageous, genuine, and humble...

In advocating for a truly representative leader, Tan Jee Say underscored Tan Kin Lian's humility, courage, and genuine dedication. Highlighting the pressing need for restored public trust and effective independence, Tan Jee Say emphasized that Tan Kin Lian, as the 'People's President', would bring back hope to Singaporeans and champion true democracy

Tan Kin Lian’s pledge: Rekindling unity and charting a vigorous future for Singapore

In the press conference to announce his bid for the Singapore presidency, Tan Kin Lian emphasizes safeguarding Singapore's reserves and strengthening public service integrity. Drawing on his 30-year leadership at NTUC Income, he envisions a future with affordable living, accessible housing, and job stability, pledging collaboration with the government for a united nation.

Strengthening Singapore’s political foundations: A call to action by Leong Mun Wai on Singapore’s...

Leong Mun Wai urges Singaporeans to strengthen political checks and balances, emphasizing, 'The best is yet to be for Singapore if we dare to make the right decision in upcoming elections.

Trending posts