TOKYO -- A Singaporean sovereign wealth fund is in the final stages of negotiations to acquire part of a mixed-use building in front of Tokyo Station for an estimated 170 billion yen ($1.61 billion).
GIC would purchase the office space of the 32-story Pacific Century Place Marunouchi building, which also houses a hotel.
Offers for the tower were solicited in July by current owner Secured Capital Investment Management, a Hong Kong company. Besides GIC, bidders included foreign financial institutions and Japanese companies.
Secured Capital purchased the Tokyo office tower for approximately 140 billion yen in 2009, when former owner DaVinci Advisors faced a cash crunch. The investment fund had acquired the building, completed in 2001, for about 200 billion yen in 2006.
GIC's purchase would mark the latest in a series of large real estate transactions in the Japanese capital. In March, a special-purpose company affiliated with Tokyo Tatemono sold a building in Nakano to four buyers for a sum of 184.5 billion yen.