Singapore’s GIC is buying a 43% stake in Shinjuku Maynds Tower, a 34-storey office building Toyko, from Daiwa Office Investment Corporation for JPY62.5bn (€469.9m).
Daiwa will retain the same stake as that of the sovereign wealth fund, with the remaining stake held by a domestic company.
Shinjuku Maynds Tower is in Shinjuku, one of Tokyo’s commercial and retail districts.
Lee Kok Sun, chief investment officer at 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.
“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.”
Akira Yamanouchi, president and representative director of Daiwa Real Estate Asset Management, said: “I am pleased to announce that Daiwa Office Investment Corporation and GIC concluded the transfer of a co-ownership interest of Shinjuku Maynds Tower to GIC and the two parties agreed on joint management of the property.
”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.”
