Singapore sovereign fund GIC takes majority stake in hotel near Tokyo Disney Resort

Invincible Investment

21/09/2017 11:30

TOKYO, Sept 21 (Reuters) - Singapore sovereign fund GIC Pte 
 GIC.UL  said on Thursday it had acquired a stake of 51 percent 
in the Sheraton Grande Tokyo Bay Hotel near Tokyo Disney Resort 
for $464 million, one of its largest investments in Japan in 
recent years.  
    GIC has bought the hotel with Invincible Investment Corp 
 8963.T , a real estate investment trust managed by U.S. buyout 
firm Fortress Investment Group  FIG.N , in a deal worth $909 
million. 
    The hotel, with 1,016 rooms, was owned by Fortress, which 
has been aggressively investing in hotels in Japan.  
    "Sheraton Grande Tokyo Bay Hotel, with its close proximity 
to Tokyo Disney Resort, has shown strong and resilient 
cash-flow," Lee Kok Sun, chief investment officer for GIC Real 
Estate, said in a statement. 
    GIC in 2014 bought a Tokyo office tower from a real estate 
unit of Asian private equity firm PAG in a deal worth 170 
billion yen ($1.51 billion). 
($1=112.3800 yen) 
 
 (Reporting by Junko Fujita; Editing by Clarence Fernandez) 
 ((813-6441-1840, junko.fujita@thomsonreuters.com, Reuters 
Messaging:junko.fujita.reuters.com@reuters.net;)) 
 
Keywords: GIC JAPAN/