Singapore sovereign fund GIC to buy stake in Tokyo office tower for $558 mln

Daiwa Office Investment

19/12/2017 08:59

TOKYO, Dec 19 (Reuters) - Singapore sovereign fund GIC Pte 
 GIC.UL  said on Tuesday it would acquire a 43 percent stake in 
a 34-storey office building in Tokyo's central district of 
Shinjuku for $558 million, in one of the largest property 
transactions in Japan this year. 
    GIC will buy the stake for 62.6 billion yen from real estate 
investment trust Daiwa Office Investment Corp  8976.T , 
according to a joint statement from GIC and Daiwa Office 
Investment.      
    "We have been investing in Japan for nearly 30 years and 
remain confident in Japan's continued growth in the long run,"  
Lee Kok Sun, chief investment officer for GIC Real Estate, said 
in the statement.  
    This year, GIC acquired a 51 percent stake in the Sheraton 
Grande Tokyo Bay Hotel near Tokyo Disney Resort for $464 
million, from U.S. buyout fund Fortress Investment Group  FIG.N  
 urn:newsml:reuters.com:*:nL4N1M23VK 
         
 
 (Reporting by Junko Fujita; Editing by Robert Birsel) 
 ((813-6441-1840, junko.fujita@thomsonreuters.com, Reuters 
Messaging:junko.fujita.reuters.com@reuters.net;)) 
 
Keywords: GIC JAPAN/