GIC RE ACQUIRES A PORTFOLIO OF TWO OFFICE BUILDINGS IN PRIME CBD OF SEOUL

SINGAPORE, 15 January 2004

GIC Real Estate Pte Ltd (“GIC RE”), through its affiliate, has acquired a portfolio of two prime office buildings in the heart of the Seoul CBD from affiliates of Morgan Stanley Properties Korea Limited. They are Kolon Building and Mookyo Building.

Kolon and Mookyo are both 15-storey freehold office buildings. Located right in the heart of the Seoul CBD, they are close to major financial, commercial and government buildings. The 2 buildings are right next to the Seoul Financial Center which is similarly owned by GIC RE.

Dr. Seek Ngee Huat, President of GIC RE said, “We are pleased to add these two office buildings to our portfolio in the prime CBD of Seoul. The attractions of these properties are their excellent location, diversity of tenants and repositioning potential. Being right next to the Seoul Financial Center, they complement each other and provide synergy in terms of asset management.”

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.