gic-real-estate-forms-joint-venture-in-japan

GIC Real Estate forms joint venture in Japan

Singapore's GIC Real Estate plans to invest $1.3 billion in property in Japan over the next two years through a joint venture with Sumitomo.
May 24, 2007
GIC Real Estate has formed a joint venture with JapanÆs Sumitomo Corporation to invest in large-scale retail properties across Japan. The announcement comes just a few weeks after GIC Real Estate announced a joint venture in Australia and underscores the bullishness of the cash-rich Singaporean property investor with respect to the Asia-Pacific region.

GIC will make the investment in the JV through an affiliate company. The JV will, over the next two years, invest up to Ñ150 billion $1.3 billion in retail properties in Japan, including both complete projects and those under development. It will also acquire under-performing assets and enhance their value. The partners intend to grow the joint venture into one of the...
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