GIC & Sumitomo tackle Japan

GIC Real Estate and Sumitomo Corporation have formed a joint venture to invest in large-scale retail properties across Japan.

The JV will be one of the largest private retail property investment platforms in Japan and over the next two years, the JV aims to invest up to JPY 150 billion (about $US1.3 billion) in all types of retail properties including both completed and development projects.

The JV will also acquire sub-performing assets and add value to them through effective management.

The target markets for the JV are the metropolitan areas of Tokyo, Osaka, Nagoya and other major cities.

The JV has already successfully invested in several assets including Mito Keisei Department Store in downtown Mito City in Ibaraki Prefecture, Hanshin Mikage Development Project in Kobe City, Hyogo Prefecture, Fuchu Katamachi Development Project in Fuchu City, Tokyo Prefecture, and Shonan Tsujido Development Project in Fujisawa City, Kanagawa Prefecture.

GIC Real Estate is the Singapore Government’s real estate investment arm and earlier this month, invested $A717.5 million for a 50% stake in the Westfield Parramatta shopping centre.

Australian Property Journal