Singapore govt’s GIC in line to buy Merrill Lynch HQ

GIC, the investment arm of the Government of Singapore, has secured preferred bidder status for the £600m Merrill Lynch headquarters. The company has beaten off competition from Syrian-born investor Simon Halabi and Irish investor Derek Quinlan for the 560,000 sq ft office building on Newgate Street, EC1. Halabi had been frontrunner for the building, which was being sold as part of a sale and leaseback.