Source : Straits Times - 24 Dec 2008
GIC Real Estate (RE), the real estate investment arm of the Government of Singapore Investment Corporation (GIC), announced yesterday that it had acquired all of ProLogis’ property fund interests in Japan and China operations for US$1.3 billion (S$1.9 billion).
‘The acquisition consolidates control over our existing portfolio in Japan and provides a platform to expand our logistics property business in China,’ GIC RE president Seek Ngee Huat.
The transaction is due to be completed in January.
GIC RE will be establishing an equal share joint venture with Mr Jeffrey Schwartz, the former chairman and chief executive of ProLogis, along with managers involved in the management of the properties in China and Japan to manage the portfolios.
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