GIC buys Merrill Lynch office in London for US$954m
Posted: 20 June 2007 1432 hrs

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SINGAPORE : US investment bank Merrill Lynch said Wednesday it has sold the company's flagship office building in London to the Government of Singapore Investment Corporation (GIC) for 480 million pounds (US$954.05 million).

The Merrill Lynch Financial Centre (MLFC) is located in the City of London and features two of the largest trading floors in Europe, as well as a 150-seat auditorium plus other amenities, the bank said in a statement.

GIC's property arm, GIC Real Estate, said acquiring the London office was within the company's plans to maintain a diversified portfolio.

"We view the MLFC as a strategic acquisition which meets our investment objective of maintaining a diversified portfolio of long-term assets across all property sectors in gateway cities around the world," said Seek Ngee Huat, president of GIC Real Estate.

Merrill Lynch will lease the office building for 15 years, with the right to renew it beyond the initial term.

GIC is an investment vehicle of the Singapore government and it manages the country's foreign exchange reserves.

GIC Real Estate has been expanding its portfolio in the world's major cities including Tokyo, Munich, Sydney and Seoul. - AFP/ch