Dr Tony Tan, the deputy chairman of the Government of Singapore Investment Corporation (GIC), has clarified that recent comments made on the world facing its worst recession in 30 years is just one of three scenarios GIC is contemplating. It is not the GIC's forecast for the global economy. The other two are an optimistic scenario where there is a recession in the US or globally, with an end to the...
GIC
The world could be facing its worst recession in 30 years, said Deputy Chairman and Executive Director of the Government of Singapore Investment Corp (GIC) Dr Tony Tan. He shared this view with over 500 GIC staff at a conference on Monday. "The financial contagion has now spread beyond US shores, increasing the likelihood of a global financial crisis and recession. We could be facing a recession which is...
Singapore's sovereign wealth fund has bought the Westin Tokyo hotel from Morgan Stanley and US-based Starwood Capital, the firms said Tuesday, in a deal reportedly worth about US$715 million. The 438-room hotel in Tokyo's Ebisu district will continue to be operated by Starwood Hotels and Resorts under the Westin brand, a joint statement said. The companies gave no financial terms for the purchase by GIC...
GIC Real Estate has bought a 40 per cent stake in Finland’s fifth largest modern shopping centre, Iso Omena, for 132 million euros or about S$270 million. The seller, Citycon, will continue to own the remaining 60 per cent of the mall. Citycon will also continue to manage the shopping centre in Helsinki. Iso Omena has a total lettable area of over 61,000 square metres. Both Citycon and GIC RE have...
GIC Real Estate has teamed up with ING Real Estate to acquire the new Roma Est Shopping Centre in Italy. The partners will pay Italian food-retailing leader Gruppo 400 million euros (S$832 million) for the deal. ING Real Estate and GIC Real Estate will have equal stakes in the property. Roma Est Shopping Centre comprises about 93,000 square metres of gross lettable area. It is made up of a mall of 208...
THE Government of Singapore Investment Corporation (GIC) will buy the Westin Tokyo luxury hotel (picture) for 77 billion yen ($1 billion) from Morgan Stanley, the Nikkei business daily reported yesterday. The parties plan to complete the deal by the end of the month, having agreed on a basic outline on the purchase of the land and the building located in Tokyo’s prime Ebisu district, the newspaper...
The Government of Singapore Investment Corp (GIC) has agreed to buy the Westin Tokyo luxury hotel for 77 billion yen (723 million US dollars) from Morgan Stanley, a newspaper said Sunday. The parties have reached a basic accord on the purchase of the land and the building located in Tokyo's high-end residential and commercial district of Ebisu, the Nikkei business daily said. They plan to complete the...