| GIC Pte, Singapore’s sovereign wealth fund, backed out of buying a Tokyo property from Lone Star Funds, according to people familiar with the transaction. GIC, which had entered exclusive negotiations with the U.S. fund, withdrew from pursuing Meguro Gajoen, an office and banquet hall complex in Tokyo, because of a dispute between two other parties involving land included in the sale, the people said, asking not to be identified because the information is private.
Both GIC and Hudson Japan K.K., a local unit of Lone Star, declined to comment. GIC’s withdrawal comes after Dallas-based Lone Star renewed efforts earlier this year to sell the property by including the land in the offer amid rising interest from investors in Japan’s property market...............................................Full Article: Source
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