Singapore’s sovereign wealth fund GIC is moving to a larger office in the Shin-Marunouchi Building, located in Tokyo’s main financial district, in early January.
The new office space is more than double the size of its current office in Pacific Century Place Marunouchi, where it holds a stake, according to a GIC spokesperson who confirmed the move, Bloomberg reported.
The 38-storey mixed-use office tower, owned by Mitsubishi Estate, sits between Tokyo Station and the Imperial Palace in Marunouchi, one of the city’s most sought-after office areas with some of the highest rents in the capital.
Other tenants in the Shin-Marunouchi Building include Carlyle Group, SMBC Nikko Securities and Neuberger Berman Group. Mitsubishi Estate has not yet commented on the matter.
In recent years, GIC has said that Japan has become more appealing, as regulatory changes and the return of inflation have made the market attractive for deals and property investment.
The company told Bloomberg in an email that it sees significant bottom-up opportunities in Japan and is looking for deals that can generate “good, risk-adjusted returns”, though Japan’s share in GIC’s overall portfolio has dropped to 4% as of March 2024, down from 12% in 2019.
The fund did not share updated figures for its Japan investments in its latest annual report.
GIC’s chief investment officer Bryan Yeo said last year that the firm plans to expand its 40-person team focused on Japan and expects its pipeline to grow. /TISG
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