GIC Real Estate

GIC Real Estate (GIC RE) has acquired Hawks Town in Fukuoka City, Japan, from Colony Capital.

Colony Capital is also the owner of the Raffles Hotel here.

GIC RE, the real estate investment arm of the Government of Singapore Investment Corporation (GIC), said Colony had asked that the transaction price for Hawks Town not be disclosed.

According to Colony Capital’s website, the private equity firm bought the development for 96 billion yen (S$1.2 billion). It is understood that Colony bought Hawks Town from Japanese retailer Daiei Inc in December 2003.

Hawks Town was built in the 1990s and is spread over 169,157 sq m. It consists of Fukuoka Yahoo! Japan Dome, JAL Resort Sea Hawk Hotel Fukuoka and Hawks Town Mall, and is managed by Hawks Town Corporation.

In a statement yesterday, GIC RE said that Fukuoka Yahoo! Japan Dome is a multi-purpose indoor stadium with 35,773 seats.

JAL Resort Sea Hawk Hotel Fukuoka has 1,052 rooms and is managed by JAL Hotels Co.

Hawks Town Mall is an 81,445 sq m shopping centre consisting of 107 stores. In addition to shopping and dining, the mall offers facilities for entertainment, a natural hot spring, a concert hall, movie theatres and an amusement centre.

GIC RE president See Ngee Huat said: ‘We are very pleased to acquire Hawks Town which has established itself as the premier regional centre for entertainment and shopping in Kyushu. This acquisition is in line with our strategy to build a global portfolio of diverse assets with long-term characteristics. We have confidence in Hawks Town Corporation that it will continue to raise the profile of Hawks Town among the residents of Fukuoka City, as well as regional and international visitors.’

GIC RE owns other real estate in Japan including the Shiodome City Centre in Tokyo. In September 2005, it invested US$600 million in a Japan property fund with US-based ProLogis.

GIC RE has more than 150 investments in more than 30 countries and currently ranks among the world’s top 10 global real estate investment firms.

Source: The Business Times, 13 April 2007