GIC buys Japan skyscraper for $1.7b

Singapore’s sovereign wealth fund bought the Tokyo building from PAG, doubling down on Japanese real estate as rents edge higher.

GIC buys Japan skyscraper for $1.7b
View from the Pacific Century Place

Singapore’s sovereign wealth fund GIC has acquired prime office space in a centrally located Tokyo skyscraper, doubling down on Japanese real estate as rents start to rise.

GIC paid about $1.7 billion for the office floors in the Marunouchi neighborhood of Tokyo, according to a person familiar with the matter, around the same price Richard Li sold the space for in 2006 at the market peak.

The property has changed hands several...

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