August 25, 2014 / 9:56 AM / 5 years ago

Singapore's GIC in final talks to buy Tokyo building for $1.6 bln -sources

TOKYO, Aug 25 (Reuters) - Singapore’s sovereign wealth fund GIC Pte is in final talks to buy a Tokyo office tower for about 170 billion yen ($1.6 billion), three people with direct knowledge of the deal said, in what would be Japan’s biggest property transaction since the global financial crisis.

GIC, which already has a large presence in Japan’s property market, outbid the asset management unit of Goldman Sachs Group Inc, which also participated in the final bid for the property which was put up for sale by Secured Capital, part of Asian private equity firm PAG.

GIC is in talks for the 32-storey Pacific Century Place Marunouchi in a prime spot near the Tokyo railway station. The progress in the talks comes after GIC backed out of another deal for a major Tokyo property owned by global buyout firm Lone Star Funds. (1 US dollar = 103.9900 Japanese yen) (Reporting by Junko Fujita in Tokyo and Saeed Azhar in Singapore; Editing by Edmund Klamann)

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