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GIC RE BUYS HISTORIC LANDMARK HOTEL AND RETAIL DEVELOPMENT IN SYDNEY

SYDNEY and SINGAPORE, 23 May 2002

GIC Real Estate Pte Ltd (GIC RE), the real estate investment company of GIC (Government of Singapore Investment Corporation), has signed an agreement to buy the hotel and retail components of the heritage listed No. 1 Martin Place (N1MP) in Sydney from Grocon, a Melbourne based developer. At A$160 million, this deal represents the largest hotel transaction on the Australian property market this year.

Built upon the original frame of the historic GPO building which was completed in 1887, N1MP is located in the heart of Sydney’s CBD between two of the city’s most important thoroughfares of George Street and Pitt Street and overlooking Martin Place. The entire development comprises an office tower, the Westin Sydney, the heritage retail precinct and a carpark. The N1MP Building marks the latest purchase of downtown property by GIC RE. GIC RE is already the owner of other substantial assets in the Sydney area like the office tower at 175 Liverpool Street, the International Broadcasting Centre and a majority share of the Queen Victoria Building through Ipoh Ltd.

The N1MP building, a 31-storey luxury 5-star hotel, is managed by the Westin of Starwood. The hotel was voted the best deluxe hotel by the Australian Hotels’ Association in March this year. It has 416 rooms and the largest pillarless ballroom in Sydney. The retail precinct is uniquely housed within a glass atrium in the heritage listed and refurbished GPO, with its landmark clocktower and sandstone facade.

Dr Seek Ngee Huat, President of GIC RE said, “The purchase of the Westin Sydney shows our confidence in the Sydney’s hospitality market. The hospitality sector forms a major part of our investment strategy for the Asia-Pacific region to build up a portfolio of core hotel assets.”

Dr Seek added, “Looking ahead, we would be very interested to co-invest with like-minded partners in the hospitality sector in major cities 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.