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 34-storey office building in Shinjuku, one of Tokyo’s largest commercial and retail districts.
Located in the newly-redeveloped area south of Shinjuku Station, it is five-minute walk away from the main JR Shinjuku Station. The property has attracted numerous quality tenants due to its prime location, GIC said in the press release.
Bangkok falls 19 places to 49th most expensive location worldwide
Locations reliant on international tourism have seen their rental markets hit especially hard during the pandemic, resulting in some major drops in the rankings. Bangkok has fallen 19 places to 49th, while Hanoi saw a similar drop of 12 places to 81st.
Is There a Silver lining amid COVID-19?
Thinking of the future impact of this pandemic on office buildings, it may have already dawned on many of us that a majority of potential long-term trends and health measures will become permanent work-life features in the times to come.
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