Sovereign Wealth Fund Keen on Time Warner Building
Since the summer of 2013, Time Warner Inc. has been looking to move their headquarters and consolidate locations to cut down on costs. Fortunate for Time Warner, the value of their headquarters in the prestigious Columbus Circle part of Manhattan has risen in value. The media company has been searching for the right buyer to acquire the Time Warner Center. Related Cos. developed 10 Columbus Circle for a cool US$ 520 million. Time Warner is seeking more than US$ 1.3 billion for the property.
Singapore’s GIC Private Limited and the Abu Dhabi Investment Authority (ADIA) are part of a consortium led by Related Cos. that is keen on buying the Time Warner Center. Each sovereign wealth fund plans to invest US$ 300 million for key stakes in the property.
If the deal goes through, the consortium plans to lease the space back to Time Warner.
The Singaporean sovereign fund has been busy acquiring trophy assets in core markets like San Francisco and New York.
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