real-estate-funds-sell-tokyo-westin-to-gic

Real estate funds sell Tokyo Westin to GIC

Starwood Capital and Morgan Stanley sell the hotel to GIC in the second big property transaction to close in Tokyo this month, but hopes of a reinvigorated market could be premature.
February 26, 2008
SingaporeÆs Government Investment Corporation GIC Real Estate has acquired TokyoÆs Westin Hotel, a 438-room five-star hotel in the upmarket Ebisu neighbourhood. GIC has bought the hotel from a special purpose vehicle owned 50-50 by real estate funds managed by Starwood Capital Group Global and a real estate fund managed by Morgan Stanley Real Estate. The press release issued yesterday did not give any pricing information, but according to a report in the Nikkei newspaper earlier this month, the consideration came to $719 million.

The deal comes just a week after the Germany-based Morgan Stanley real estate fund announced that it had bought the Citigroup Japan commercial and retail banking headquarters for $445 million.

According to...
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