Updated
Updated · Bloomberg · Jun 29Kenedix Bids $1.4 Billion for GIC's Tokyo Office Floors
1 articles · Updated · Bloomberg · Jun 29Summary
- Kenedix has submitted a bid of about ¥230 billion ($1.4 billion) for office floors owned by GIC in Pacific Century Place Marunouchi in central Tokyo.
- GIC has granted the Japanese developer first negotiation rights, giving Kenedix the inside track on the potential purchase.
- Talks are still continuing, and people familiar with the matter said the deal could still fall through without a final agreement.
- The possible transaction would rank as a major central Tokyo office sale, involving space in one of Marunouchi's best-known commercial properties.
Insights
With Tokyo's office market booming, why is a major sovereign fund selling one of its prime Japanese assets? As Japan's interest rates rise, is a $1.4B bid for a Tokyo tower a smart investment or a peak-market gamble?