GIC RE ACQUIRES AEON SENDAI TOMIYACHO SHOPPING MALL IN JAPAN

SINGAPORE, 18th February 2005

GIC Real Estate Pte Ltd (GIC RE), through its affiliate, has acquired a 100% interest in Aeon Sendai Tomiyacho (AST) Shopping Mall from Aeon Co. Ltd. in Japan. The mall will be leased back to Aeon Co. Ltd following the purchase. Aeon Co Ltd, which operates the Jusco chain of stores, is one of the largest shopping mall operators in Japan.

AST is a suburban shopping mall in Tomiyacho, a satellite city in Kurokawa-gun, Miyagi Prefecture. Tomiyacho is about 20 minutes drive from Sendai, the governmental and economic center for the Tohoku region in Japan. Sendai is approximately 300 kilometers (180 miles) north of Tokyo. AST consists of a three-storey retail mall and four small single-storey stand-alone buildings. The total gross floor area is 57,291 sqm on a site area of 70,838 sqm. The mall comprises two retail floors and car parks on the third floor and rooftop. The shopping centre is centrally located in Tomiyacho within the new Oshimizu Township and services not only the surrounding residential estates but also greater Sendai area. The mall is supported by a substantial and growing population.

Announcing the transaction, Dr Seek Ngee Huat, President of GIC RE said, “This acquisition follows our recent investment in Seremban 2 Malaysia to develop a three-storey shopping centre which has been leased to Aeon Co. (M) Bhd, part of the Aeon Group. It is in line with our investment strategy to build up a portfolio of core retail assets in the Asia Pacific region. We also welcome the opportunity to further develop and build upon our relationship with Aeon Co. Ltd., a well established retail group with good corporate governance, strong local knowledge and capabilities. We look forward to co-operate with Aeon across Asia including Japan in the future”.

About GIC RE
Headquartered in Singapore, GIC RE is the real estate investment arm of Government of Singapore Investment Corporation (GIC) that manages the foreign reserves of Singapore. The company manages a multi-billion dollar portfolio of direct and indirect property investments worldwide.