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GIC selling it's prized Tokyo Skyscapper for 2b
- Thread starter k1976
- Start date
Singapore sovereign wealth fund GIC is considering the sale of a top-grade Tokyo skyscraper and has approached potential buyers about the property, according to people with knowledge of the matter.
The tower, 43-storey Shiodome City Center in one of Tokyo’s central business districts, may fetch a price of at least ¥300 billion (S$2.78 billion), two of the people said. Any deal of that size would make it one of the most expensive office building transactions ever in Japan.
The sale plans come as a glut of new office supply is expected in Tokyo with the opening of several skyscrapers over the next two years, potentially tempering investor appetite for such a large tower. Globally, investors are also shying away from offices due to historically high vacancy rates in major cities.
The tower, 43-storey Shiodome City Center in one of Tokyo’s central business districts, may fetch a price of at least ¥300 billion (S$2.78 billion), two of the people said. Any deal of that size would make it one of the most expensive office building transactions ever in Japan.
The sale plans come as a glut of new office supply is expected in Tokyo with the opening of several skyscrapers over the next two years, potentially tempering investor appetite for such a large tower. Globally, investors are also shying away from offices due to historically high vacancy rates in major cities.
GIC has asked Mitsubishi UFJ Trust and Banking Corporation and Jones Lang LaSalle to advise on the sale, according to the people, who asked not to be identified as the matter is private. The wealth fund is seeking to take bids by year-end and complete the transaction by early 2024, two of the people said.
The process is still at an early stage, and GIC could ultimately decide not to go ahead with a sale, the people said.
Tokyo’s top-grade office towers rarely change hands as local developers tend to hold on to the properties they build. A GIC affiliate developed Shiodome City Center in 2003 with Mitsui Fudosan, one of Japan’s largest real estate companies. The building is home to the headquarters of ANA Holdings and Fujitsu.
The process is still at an early stage, and GIC could ultimately decide not to go ahead with a sale, the people said.
Tokyo’s top-grade office towers rarely change hands as local developers tend to hold on to the properties they build. A GIC affiliate developed Shiodome City Center in 2003 with Mitsui Fudosan, one of Japan’s largest real estate companies. The building is home to the headquarters of ANA Holdings and Fujitsu.
There have been at least two similar grade and size building transactions in Tokyo in the past two years. The headquarters of Dentsu Group reportedly sold for around ¥300 billion, and the Ministry of Finance offloaded its stake in Otemachi Place for ¥436 billion. Both went to Japanese consortiums.
Tokyo’s office market has fared better than other major cities around the world as work from home habits haven’t stuck in Japan. Although a vacancy rate at 6.46 per cent is high for Tokyo, it is well below levels seen in places like Hong Kong and New York. BLOOMBERG
Tokyo’s office market has fared better than other major cities around the world as work from home habits haven’t stuck in Japan. Although a vacancy rate at 6.46 per cent is high for Tokyo, it is well below levels seen in places like Hong Kong and New York. BLOOMBERG
https://www.financeasia.com/article...vB5MTseVBicykXCknLzM-1693917046-0-gaNycGzNDBA
Recap 2014.
Alison Tudor-Ackroyd October 21, 2014 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 sta…
Read more at: https://www.financeasia.com/article/gic-buys-japan-skyscraper-for-1-7b/391393
Recap 2014.
Alison Tudor-Ackroyd October 21, 2014 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 sta…
Read more at: https://www.financeasia.com/article/gic-buys-japan-skyscraper-for-1-7b/391393
Looks like Piss And Poop needs to pay a hefty fine to CCPee for the recent tiong money-laundering fiasco.... 
Can turn into bird nest tower. Use loud speakers to lure birds into making nests inside.
too many mega projects cumming up in the area, and major tenants ana and fujitsu may move to their respective new skyscrapers. may have to becum av porn hub to survive, with themes like “skyscraper sex”, “tantric tower”, or “office orgies”.
So, lose money lah, or at the best break even. Paid $1.7 billion USD in 2014, now want to sell for $2 billion. After buyer knocks down the price, they will barely breakeven, and accounting for the terrible Yen exchange rate since then, they actually lose money. After 9 years owning it, still cannot make any money. Whore Jinx is really fucking stupid. Should have just bought any commercial property in California in 2014 with the same money, today, it would have doubled already.
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