GIC REAL ESTATE FORMS STRATEGIC ALLIANCE WITH TISHMAN SPEYER PROPERTIES

SINGAPORE, 2 December 2004
SAN FRANCISCO, 1 December 2004

GIC Real Estate Pte Ltd, (GIC RE) through its affiliate, GIC Real Estate, Inc., today announced that it has closed on an agreement to form a strategic alliance with Tishman Speyer Properties (TSP). As part of the agreement, GIC RE sold a 51% interest in nine class A office buildings located in seven U.S. cities to TSP and GIC RE acquired a 49% interest in 2 premier office buildings owned by TSP; the Colgate Building on Park Avenue in New York City and 400 Castro Street in Mountain View, CA in the heart of Silicon Valley.

The resulting portfolio, which is owned 51% by TSP and 49% by GIC RE consists of twelve Class A office buildings, in eight U.S. cities; including New York, San Francisco, Chicago, Seattle and Greenwich (CT). The portfolio will be managed and leased by TSP.

Explaining the transaction Dr. Seek Ngee Huat, President of GIC RE said, “This transaction is part of our long term strategy in the United States of forming strategic alliances with top-tier operating partners. In addition, we see this as an opportunity to provide additional diversification to our office holdings in the U.S. and obtain an interest in a premier office building in New York City. We view TSP as one of the finest operators of office buildings in the U.S. and are delighted to have them as one of our strategic partners We look forward to acquiring more assets within this alliance as opportunities arise.”

About GIC RE
Headquartered in Singapore, GIC Real Estate Pte Ltd (GIC RE) is a pre-eminent global real estate investment manager. The company manages a multi-billion dollar portfolio of direct and indirect property investments worldwide. GIC RE is the real estate investment arm of Government of Singapore Investment Corporation (GIC) which manages the foreign reserves of Singapore.