TOKYO – Singapore sovereign fund GIC said on Tuesday (Dec 19) it would acquire a 43 per cent 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.
The Shinjuku Maynds Tower, completed in 1995, is located in the newly-developed area south of Shinjuku Station, offering access to the main JR Shinjuku Station as well as direct underground access to multiple subway lines.
GIC will buy the stake for 62.6 billion yen from real estate investment trust Daiwa Office Investment Corp, 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.