GIC buys prime Tokyo office space valued at S$2 billion

GIC has acquired the office component of Pacific Century Place Marunouchi in Tokyo, Singapore’s sovereign wealth fund announced in a press release on Tuesday (Oct 21).

While GIC did not announce the cost, Reuters had earlier quoted sources as saying that the office tower was valued in the region of ¥170 billion (S$2 billion).

The 32-storey mixed-use development was acquired through a GIC affiliate, said GIC. It comes with a gross floor area of 81,692sqm, and the office component is made up of levels 8 to 31, comprising 38,840sqm of net rentable area.

The building was also rewarded a CASBEE (Comprehensive Assessment System for Built Environment Efficiency) S rating, the highest CASBEE rating possible, due to its “cutting-edge sustainability features”, said GIC.

Other than the office component, the Pacific Century Place Marunouchi comprises the Four Seasons Hotel Tokyo, as well as retail and F&B outlets, said the sovereign wealth fund. It is located in the Marunouchi district in Tokyo, the prime business district, and has direct sheltered access to Tokyo Station.

“As a long-term value investor, GIC believes Pacific Century Place Marunouchi gives us a combination of stable income and the potential for capital appreciation over the long term,” said GIC Real Estate Co-Head of Asia Lee Kok Sun. “The attractions of the property are its prime location, superior building quality, and quality tenants.

“This investment demonstrates our confidence in Japan and specifically, the Tokyo office market over the long run.”

GIC also recently invested in mobile payments startup Square, and recently became the sole owner of an Italian shopping centre.

Source : Channel NewsAsia – 21 Oct 2014

Join The Discussion

Compare listings