Singaporean sovereign wealth fund, is acquiring a 43 percent stake in Shinjuku MAYNDS Tower, a 97,978 square metre Grade-A office property in Tokyo for 62.5 billion yen ($558 million), according to a press release from the fund yesterday.
The Shinjuku SWF deal came just one day after a real estate affiliate of Prudential Financial announced the acquisition of J Tower in Tokyo’s suburban neighborhood, as the latest in an $808 million dollar series of Japanese acquisitions by the company over the past 14 months.
The deals come during the same week that the Japanese government upgraded its outlook for economic growth in the world’s third-largest economy.
GIC, which manages over $100 billion in assets, in a statement called the Shinjuku MAYNDS Tower deal a unique opportunity for the fund to acquire a sizeable and stable income-producing asset
GIC Buys into Shinjuku
The Singapore sovereign fund is buying a 43 percent stake in Shinjuku MAYNDS Tower from Daiwa Office Investment Corporation, with the latter retaining the same stake as that of GIC. The Grade-A office is…