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GIC Real Estate Pte Ltd (“GIC RE”), through its affiliate, has signed an agreement to acquire a portfolio of 2 Class A buildings called Shinagawa Seaside East and West Towers (“SST”) located in the Shinagawa ward of Tokyo, Japan. The value of this acquisition is JPY42.5 billion.
SST is being developed by Kajima Corporation with completion expected in August 2004. Shinagawa East Tower is a 23 storey building with 14 floors of office space, a 300 room hotel and some ancillary retail space. Shinagawa West Tower is an 18 storey office building.
Dr. Seek Ngee Huat, President of GIC RE said: “All indications are that the recovery of the Japanese economy is sustainable. The addition of SST to our Japan portfolio positions us well to benefit from the recovery.”
Dr. Seek added: “SST is part of a large, high quality, integrated retail, office, hotel and residential development in East Shinagawa that is close to the new Shinagawa Bullet Train Station and Haneda Airport. These attributes will underpin SST’s performance.”
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.
For further information, please contact:
Mr Tan Kay Hui
Executive Vice President
Head, Administration and Corporate Affairs
GIC Real Estate Pte Ltd
168 Robinson Road
#37-01 Capital Tower
Singapore 068912
Tel: 65 6889 8888 (Main)
Fax: (65) 6889 6812
Website: www.gicre.com
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