US investment bank Merrill Lynch said on Wednesday that it has sold the company’s flagship office building in London to the Government of Singapore

US investment bank Merrill Lynch said on Wednesday that 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 company plans to maintain a diversified portfolio.

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

GIC is one of two investment vehicles of the Singapore government, the other being Temasek Holdings.

It manages the country’s foreign exchange reserves while Temasek is a holding company with interests in a diverse range of local and overseas firms.

GIC Real Estate has been expanding its portfolio in the world’s major cities including Tokyo, Munich, Sydney and Seoul.

Source: The Business Times, 20 June 2007