GIC mulls Tokyo property sale for several hundred billion yen: sources
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GIC, Singapore’s sovereign wealth fund, is contemplating the sale of its stake in a central Tokyo office building, valued at several hundred billion yen. The property, part of Pacific Century Place Marunouchi, was acquired for about 180 billion yen in 2014. Jones Lang LaSalle and Mizuho Trust & Banking are advising on the sale, targeting potential buyers amid strong investor demand for Tokyo commercial properties. However, concerns over rising interest rates may impact the real estate market. GIC recently relocated its office from the building to a larger space nearby.
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