SINGAPORE (Jan 25): Singapore sovereign wealth fund GIC Pte Ltd and Paramount Group have formed a joint venture to acquire office tower "60 Wall Street" in downtown Manhattan for US$1.04 billion.

The JV, in which GIC has a 95% share, is paying US$640 per square foot for the 47 storey tower that also serves as the U.S. headquarters of Deutsche Bank, a joint statement said.

GIC, which is among the more established real estate investors in the world, has more than 350 property-related investments in over 40 countries.

These include investments in the Time Warner Centre in New York and assets in the United Kingdom, Japan and Australia.