Abu Dhabi Fund Said to Buy Time Warner Building With GIC - Bloomberg

Abu Dhabi Fund Said to Buy Time Warner Building With GIC - Bloomberg:

"Abu Dhabi Investment Authority, one of the world’s biggest sovereign wealth funds, is investing alongside Singapore’s state fund GIC Pte in the headquarters of Time Warner Inc. (TWX) in New York City, according to a person with direct knowledge of the transaction.

The person, who asked not be identified because the deal is private, declined to disclose the Abu Dhabi fund’s share of the project or the amount invested. New York-based Related Cos., the lead developer of Time Warner Center, is in talks to buy the media company’s 1.1 million square feet (102,193 square meters) of space for $1.3 billion and bring in partners including GIC, people with knowledge of the transaction said in November.

“The sovereign wealth funds have deep, deep pockets,” said Song Seng Wun, an economist at CIMB Group Holdings Bhd. (CIMB) in Singapore. “Partnerships make sense rather than competing with each other. It’s the practical reality of investment opportunities that are sizable.”"

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