Japan-based Seibu Holdings has confirmed the sale of 15 Prince hotels and 16 additional leisure properties — more than a third of the total assets (76) owned by its hospitality unit — to GIC, Singapore’s sovereign wealth fund, according to a release.
The sales price is $1.3 billion.
“Seibu’s hospitality portfolio is a unique investment opportunity for GIC to acquire a sizable portfolio of high-quality assets located in prime locations throughout Japan,” said Lee Kok Sun, CIO of real estate, GIC. “Given Japan’s strong domestic tourist market throughout COVID-19 and increasing demand for global travel, we believe that these assets are well-positioned to generate resilient returns. GIC has been investing in Japan for over 30 years, and our long-term confidence in the Japanese real estate market remains strong. We look forward to working with Seibu to enhance the value of these ass
