GIC buys Japan skyscraper for $1.7b

Singapore’s sovereign wealth fund GIC has acquired prime office space in a centrally located Tokyo skyscraper, doubling down on Japanese real estate as rents start to rise.

GIC paid about $1.7 billion for the office floors in the Marunouchi neighborhood of Tokyo, according to a person familiar with the matter, around the same price Richard Li sold the space for in 2006 at the market peak.

The property has changed hands several times in recent years and GIC bought the property from Asian alternative investment manager PAG.

GIC’s purchase comes as aggressive monetary easing by the government of Prime Minister Shinzo Abe...