| GIC Pte, Singapore’s sovereign wealth fund, bought a building next to Tokyo Station in a bet that the city’s real estate values will continue to rise. GIC paid $1.7 billion for the property, according to a person familiar with the purchase who asked not be named because the information isn’t public. The fund, which declined to comment on the price, said it acquired the office component of the Pacific Century Place Marunouchi.
The building was sold by Secured Capital Japan Co., a real estate arm of Hong Kong-based alternative-asset manager PAG, according to statements by the buyer and seller. Real estate prices in Tokyo have risen about 20 percent since Prime Minister Shinzo Abe took office almost two years ago, Deutsche Asset & Wealth Management estimated, with property investment in the country rising 70 percent to 4.6 trillion yen ($43 billion), the highest in six years...............................................Full Article: Source
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