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Singapore sovereign fund GIC takes majority stake in hotel near Tokyo Disney Resort
September 21, 2017 / 10:30 AM / 2 months ago

Singapore sovereign fund GIC takes majority stake in hotel near Tokyo Disney Resort

TOKYO, Sept 21 (Reuters) - Singapore sovereign fund GIC Pte said on Thursday it had acquired a stake of 51 percent in the Sheraton Grande Tokyo Bay Hotel near Tokyo Disney Resort for $464 million, one of its largest investments in Japan in recent years.

GIC has bought the hotel with Invincible Investment Corp , a real estate investment trust managed by U.S. buyout firm Fortress Investment Group, in a deal worth $909 million.

The hotel, with 1,016 rooms, was owned by Fortress, which has been aggressively investing in hotels in Japan.

“Sheraton Grande Tokyo Bay Hotel, with its close proximity to Tokyo Disney Resort, has shown strong and resilient cash-flow,” Lee Kok Sun, chief investment officer for GIC Real Estate, said in a statement.

GIC in 2014 bought a Tokyo office tower from a real estate unit of Asian private equity firm PAG in a deal worth 170 billion yen ($1.51 billion). ($1=112.3800 yen) (Reporting by Junko Fujita; Editing by Clarence Fernandez)

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