Singapore plows $400M into group’s Time Warner HQ buy

Singaporean sovereign wealth fund GIC is contributing $400 million to the Related Companies-led $1.3 billion purchase of Time Warner’s headquarters in the Time Warner Center.

The new owners of the 1.1 million-square-foot space would lease the space back to Time Warner for approximately five years, at which point the media giant would move to an 80-story skyscraper planned for Related’s Hudson Yards. Time Warner, which owns the space in the Related-developed complex, put it on the market in April, enlisting the services of Eastdil Secured’s Doug Harmon and Adam Spies.

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The move follows a recent wave of sovereign funds looking to diversify risk by moving their investments beyond bonds and into alternative assets such as real estate. For example, Norway’s sovereign wealth fund purchased a 45 percent stake in Boston Properties’ 7 Times Square in September for $684 million in cash. [FT]Julie Strickland

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Singapore plows $400M into group’s Time Warner HQ buy

Singaporean sovereign wealth fund GIC is contributing $400 million to the Related Companies-led $1.3 billion purchase of Time Warner’s headquarters in the Time Warner Center.

The new owners of the 1.1 million-square-foot space would lease the space back to Time Warner for approximately five years, at which point the media giant would move to an 80-story skyscraper planned for Related’s Hudson Yards. Time Warner, which owns the space in the Related-developed complex, put it on the market in April, enlisting the services of Eastdil Secured’s Doug Harmon and Adam Spies.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

The move follows a recent wave of sovereign funds looking to diversify risk by moving their investments beyond bonds and into alternative assets such as real estate. For example, Norway’s sovereign wealth fund purchased a 45 percent stake in Boston Properties’ 7 Times Square in September for $684 million in cash. [FT]Julie Strickland

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