GIC seeks Japan property deals as yen falls and tourists return

SINGAPORE, Sep 30 (Business Times) - Singaporean sovereign wealth fund GIC is on the hunt for property deals and corporate partners across Japan as the falling yen and border reopening trigger a rush of tourists and deals.

Hotels, resorts and ryokan in key cities including Tokyo and Okinawa are among the types of properties being evaluated, head of global investment and portfolio strategy Goh Chin Kiong said in an interview.

The fund’s recent deal to buy properties from Japanese railway and hotel conglomerate Seibu Holdings hit the low single-digit billions of dollars and GIC is “happy to do more of those sizes”, Goh said. Apart from hospitality, it is also interested in real estate such as residential and logistics projects, he added.

Japan’s property market has become a global target for large investors as the government prepares to scrap most of its remaining pandemic travel restrictions on Oct 11. That’s despite the risk that investors could get caught out if the yen continues to decline against the US dollar. ...continue reading

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