GIC RE ACQUIRES STAR TOWER IN SEOUL

SINGAPORE AND SEOUL, 28th December 2004

GIC Real Estate Pte Ltd ("GIC RE"), the real estate investment arm of the Government of Singapore Investment Corporation, through its affiliates has acquired Star Tower from Lone Star Funds.

Star Tower is a landmark 45-storey office building in the heart of the Seoul Kangnam Business District (KDB). It is the largest office building in Korea with total gross floor area of 64,300 pyung (approximately 212,500 square metres). Strategically located on Teheran Road, which is the main arterial street that forms the KBD, it was completed in July 2001 to a high technical specification. The building is currently occupied by combination of high quality and credit worthy international and domestic tenants.

Dr. Seek Ngee Huat, President of GIC RE said, "We are pleased to add Star Tower to our portfolio of properties in Seoul. The attractions of the property are its excellent location, building quality, diversity of tenants and repositioning potential. We view this as a strategic acquisition which meets our investment objective of maintaining a portfolio of long-term assets in gateway cities around the world. It also underpins our belief and confidence in the long-term future of South Korea as a world-class economy.

About GIC RE
Headquartered in Singapore, GIC RE is the real estate investment arm of Government of Singapore Investment Corporation (GIC), which manages the foreign reserves of Singapore. GIC RE’s mandate and mission is to astutely invest in all real estate-related assets, outside of Singapore, covering all property sectors and product types, to achieve superior risk-adjusted returns for its global portfolio.

GIC RE’s approach to investments is shaped by its focus on larger investments with longer-term horizons. In a business that is intrinsically local in nature, GIC RE places a lot of emphasis on establishing strategic alliances with strong local partners and managers. In return, it brings to the partnership its experience and knowledge garnered from its global investment activities. GIC RE’s multi-billion dollar portfolio spans over 30 countries, paralleled by few in the world.

Presently GIC RE has over 110 staff in Singapore, San Francisco, New York, Tokyo and London.