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Daiwa Office to sell stake in Tokyo office tower for ¥62.5B

Daiwa Office Investment Corp. agreed to the ¥62.5 billion sale of a roughly 43% stake in a grade A Tokyo office tower to Singapore's sovereign wealth fund, GIC.

Daiwa Office will retain an equal stake in the property, with the remaining interest held by an unidentified domestic company.

The 34-story Shinjuku MAYNDS Tower in Shinjuku will be jointly managed by Daiwa Office and GIC, according to a release.

As of Dec. 18, US$1 was equivalent to ¥112.36.