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GIC RE BUYS PRIME OFFICE BUILDING IN SEOUL

SEOUL and SINGAPORE, 18 Jun 2000

US$400 million acquisition by global real estate firm is the largest ever foreign real estate investment in Korea

GIC Real Estate Pte Ltd (GIC RE), the real estate investment arm of the Government of Singapore Investment Corporation, signed a formal agreement on Thursday, 15 Jun 2000, to acquire the Seoul Finance Center from Yoojin Tourist Co., Ltd. The US$400 million transaction represents the largest ever foreign real estate investment in Korea.

The Seoul Finance Center is a brand new 30-storey office building located in the heart of Seoul’s Central Business District. The building is built to international Class A standards and will accommodate the best multi-national and Korean tenants in Seoul.

Dr. Seek Ngee Huat, President of GIC RE, stated that: “We are confident about the prospects for the Seoul real estate market. Specifically, the Seoul Finance Center will be a good long-term investment for us, given its great location and quality. The fact that several major tenants have already shown great interest in leasing space in the building greatly reinforces this.”

Mr. Ki Byung Kim, Representative Director Chairman of Yoojin Tourist Co., Ltd., stated that: “We have built a good relationship with GIC RE through this transaction, and look forward to further co-operation with them in the future.”

This acquisition marks the latest real estate investment by GIC RE in Seoul. Earlier this year, the global real estate firm acquired the office floors of Sigma Tower. Looking ahead, GIC RE will continue to look for other suitable investment opportunities in Seoul.

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.