Singapore's sovereign wealth fund is in talks to purchase a Tokyo office tower for about 170 billion yen ($1.6 billion), three people with knowledge of the deal said, in what would be Japan's biggest property transaction since the financial crisis.Singapore's GIC Pte, 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 the final stages of talks over the 32-storey Pacific Century Place Marunouchi, located near Tokyo's main railway station.GIC declined to comment. Officials at Secured Capital were unreachable.
The Goldman Sachs Group, Inc. (Goldman Sachs), is a global investment banking, securities and investment management firm that provides a range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Shares of GS traded higher by 0.18% or $0.32/share to $175.47. In the past year, the shares have traded as low as $151.33 and as high as $181.13. On average, 2369660 shares of GS exchange hands on a given day and today's volume is recorded at 2682299.
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