GIC Invests in Japan Office Building

Singapore’s sovereign wealth fund, GIC, acquires a 3/7 stake in a large-scale Grade-A office property in Tokyo Shinjuku MAYNDS Tower, from Daiwa Office Investment Corporation for a purchase price of JPY62.5billionn (USD 558million).

Daiwa Office Investment Corporation will retain the same stake(3/7) as that of GIC, with the remaining stake held by a domestic company. The two firms said in joint release today.

Shinjuku MAYNDS Tower is a high-quality, 34-storey office building in Shinjuku, one of Tokyo’s largest commercial and retail districts. Akira Yamanouchi, President of Daiwa Real Estate Asset Management, said "GIC is one of the excellent global investors that commits to the real estate market in Japan on a mid- to long-term basis. I believe it is one of the best business partners to pursue common goals. We will jointly continue to work hard to maximise our asset’s value.”

- APMR News