Singapore sovereign wealth fund GIC has agreed to sell the office component of Pacific Century Place Marunouchi in Tokyo to Japanese fund manager Kenedix for more than JPY 230 billion ($1.5 billion), according to Mingtiandi, citing market sources.
The 32-story mixed-use tower, located next to Tokyo Station, was completed in 2001 and has 81,692 square meters (879,328 square feet) of gross floor area. GIC’s holding consists of the office component, while the property also includes the Four Seasons Hotel Tokyo at Marunouchi and retail and food outlets.
GIC acquired the office space from Secured Capital Investment Management, now part of PAG, nearly 12 years ago for JPY 180 billion ($1.1 billion).
