Singapore sovereign wealth fund GIC Pte 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-story Shiodome City Center in one of Tokyo’s central business districts, may fetch a price of at least ¥300 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.
GIC has asked Mitsubishi UFJ Trust and Banking Corp. and Jones Lang LaSalle Inc. 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.
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 Co., one of Japan’s largest real estate companies. The building is home to the headquarters of ANA Holdings Inc. and Fujitsu Ltd.
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