GIC to buy Tokyo property for 134b yen

[TOKYO] Singapore state investment firm GIC Pte Ltd will buy a Tokyo property from US investment fund Lone Star Funds for some 134 billion yen (S$1.6 billion), the highest price since Japan's real estate market recovery accelerated last year, three people with direct knowledge of the sale told Reuters.

Lone Star had put up the property, called Meguro Gajoen, for auction late last year for at least 96 billion yen. The property comprises a complex of office towers, with the Japanese unit of Amazon.com Inc its main tenant.

GIC was chosen from three final bidders, which included a consortium of New York-based real estate investment firm Aetos Capital Real Estate LP and China's sovereign fund China Investment Corp, two of the people said.