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GIC is acquiring a 43 percent stake in Shinjuku MAYNDS Tower, a large-scale Grade-A office building in Tokyo, for 62.5 billion yen (S$745 million).
It will buy the property from Daiwa Office Investment Corporation, which will retain the same stake as that of the sovereign wealth fund. The remaining stake will be held by a domestic company.
Enjoying direct underground access to various subway lines, the 34-storey building is located within the newly-redeveloped area south of Shinjuku Station.
“This investment in Shinjuku MAYNDS Tower is a unique opportunity to acquire a sizeable and stable income-producing asset, well-positioned in the market to capture its future growth potential,” said Lee Kok Sun, chief investment officer of GIC Real Estate.
“We have been investing in Japan for nearly 30 years and remain confident in Japan’s continued growth in the long run. As a long-term value investor, we will continue to pursue opportunities to invest in quality assets with steady cash-flows. We look forward to partnering with Daiwa Real Estate Asset Management to enhance the value of this asset.”
(Photo: Wikimapia)
This article was edited by Keshia Faculin.
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