Singapore’s sovereign wealth fund GIC has granted first negotiation rights to Tokyo-based developer Kenedix to purchase office space in the Pacific Century Place Marunouchi building in central Tokyo as of June 29, 2026 [1, 2, 3, 4, 5].
Kenedix submitted a bid of about ¥230 billion—equivalent to roughly US$1.4 billion or S$1.8 billion—for office floors 8 through 31 in the building adjacent to Tokyo Station [1, 2, 3, 4, 5]. The office block has been held by GIC since it acquired the property in 2014 from PAG Investment Management for around ¥180 billion [1, 2, 3, 4, 5].
Negotiations between GIC and Kenedix are ongoing, with a possibility that no agreement will be reached [1, 2, 3, 4, 5]. The rising interest rate environment has led property owners to consider sales rather than face higher costs on floating loans [1, 3, 4, 5].
Tokyo’s real estate market has seen sustained price increases over several years, supported by government encouragement for companies to streamline and spin off non-core real estate assets [1, 2, 3, 4, 5]. Kenedix’s bid highlights growing interest from Japanese domestic developers in major Tokyo property deals, coming after recent high-profile acquisitions by foreign firms [1, 3, 4, 5].
Kenedix is an independent real estate asset management and investment company headquartered in Tokyo focused on investment, fund management, and property management services [2].
The next step involves continued negotiation between GIC and Kenedix to finalize terms for the sale of the office floors in Pacific Century Place Marunouchi [1, 2, 3, 4, 5].
