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GIC acquires 43% stake in Tokyo office property for 62.5b yen
GIC, Singapore's sovereign wealth fund, will acquire a 43 per cent stake in Shinjuku MAYNDS Tower, a large-scale Grade A office property in Tokyo, from Daiwa Office Investment Corporation for 62.5 billion yen (S$747.7 million).
Daiwa Office Investment Corporation will retain the same stake as that of GIC, with the remaining stake held by a domestic company, according to a press statement.
Shinjuku MAYNDS Tower is a 34-storey office building located in the newly-redeveloped area south of Shinjuku Station, offering access to the main JR Shinjuku Station, as well as direct underground access to multiple subway lines.
Lee Kok Sun, chief investment officer, GIC Real Estate, said: "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."
He added that GIC has been investing in Japan for nearly 30 years and "remains confident" in Japan's continued growth in the long run, and will continue to pursue opportunities to invest in quality assets with steady cash flows.