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Menara Standard Chartered, a highly successful office redevelopment project by GIC Real Estate, receives the prestigious FIABCI Property Award of Distinction
GIC Real Estate Pte Ltd (GIC RE), through its affiliate, has acquired a 100% interest in a portfolio of three serviced apartments from Colony Capital in Japan in excess of ¥12 billion. The serviced apartments are operated by Oakwood Asia Pacific, an established international serviced apartment operator in Japan.
The portfolio of serviced apartments with a total of 149 rooms consists of Oakwood Residence Akasaka, Oakwood Residence Aoyama and Oakwood Apartments Shirokane. All three quality serviced apartments are highly popular, especially among the expatriate community as they are situated in excellent location in the midst of up-market residential neighbourhoods and in close proximity to high-end shopping and office areas within Central Tokyo.
Announcing the transaction, Dr Seek Ngee Huat, President of GIC RE said, “We are very pleased to acquire this portfolio from Colony Capital in a very competitive market. We expect strong growth in the serviced apartment sector in line with the anticipated increase in expatriates living in Tokyo as evidenced by the steady rise in foreign direct investment inflows into Japan in recent years”.
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.
For further information, please contact:
Ms Tan Chor Hwa
Executive Vice President
Administration and Corporate Affairs
GIC Real Estate Pte Ltd
168 Robinson Road #37-01
Capital Tower
Singapore 068912
Tel: (65) 6889 8888 (Main)
Fax: (65) 6889 6812
Website:www.gicre.com
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