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GIC RE BUYS 5-STAR HOTEL IN “The Rocks” IN SYDNEY

SYDNEY and SINGAPORE, 8 August 2002

GIC Real Estate Pte Ltd (GIC RE), the real estate investment company of GIC (Government of Singapore Investment Corporation), signed an agreement to buy the ANA Harbour Grand Hotel (ANA Hotel). At A$206.5 million, this deal represents a significant transaction on the Australian hotel property market this year, surpassing that of the Westin Sydney which was also purchased by GIC RE earlier this year.

Situated in the historic “Rocks” precinct within the CBD, the ANA hotel boasts a unique harbourside location with a sweeping vista of the Sydney Harbour and its famous landmarks of the Opera House and the Harbour bridge. The ANA hotel marks the latest purchase of a 5-star hotel by GIC RE. GIC RE is already the owner of other substantial assets in the Sydney area. They include the recently acquired Westin Sydney, the office tower at 175 Liverpool Street, the International Broadcasting Centre and a majority share of the Queen Victoria Building through Ipoh Ltd.

The ANA Harbour Grand Hotel Sydney is the largest 5-star luxury hotel in Australia. It has 36 floors with 561 spacious and well-appointed rooms (95% with waterviews), a basement car park, over 1900 sqm of function space, a grand ballroom as well as award winning restaurants.

Explaining the transaction, Dr Seek Ngee Huat, President of GIC RE said, “We are very pleased to secure the ANA Hotel at this time and to have reached a mutually beneficial arrangement in keeping the use of the ANA brand through a licence agreement until such time as we engage a new 5-star hotel operator”.

He added, “The purchase of the ANA Harbour Grand is a vote of confidence in the Australian hospitality market. This acquisition, together with the Westin Sydney, is a strong statement of our investment strategy to build up a portfolio of core hotel assets in the Asia-Pacific region. We continue to look out for opportunities to invest or co-invest with like-minded partners in the hospitality real estate sector in the Asia Pacific region.”

About GIC Real Estate
GIC Real Estate Pte Ltd (GIC RE) is a pre-eminent global real estate investment manager. The firm manages a multi-billion dollar portfolio of direct and indirect property investments worldwide. GIC RE is the real estate investment arm of GIC, a fund management company established in 1981 to manage the foreign reserves of Singapore by investing globally. Reflecting its global orientation, GIC RE operates out of offices in key financial centres around the world and is headquartered in Singapore.