Singapore's GIC to buy stake in Tokyo office tower for $558m

Street view of the Shinjuku district of Tokyo, Japan.

Singapore’s sovereign wealth fund GIC on Tuesday announced it will acquire a 43 per cent stake in Shinjuku MAYNDS Tower, a 34-storey office tower in Tokyo, from Daiwa Office Investment Corporation for JPY62.5 billion (~$558 million). The deal marks one of the largest property transactions in Japan this year.

Daiwa Office Investment Corporation will retain the same stake as GIC, while the remaining stake will be held by a domestic company.

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