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GIC Buys Tokyo Building in Bet on Rising Property Prices

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GIC Pte, Singapore’s sovereign wealth fund, bought a building next to Tokyo Station in a bet that the city’s real estate values will continue to rise.

GIC paid $1.7 billion for the property, according to a person familiar with the purchase who asked not be named because the information isn’t public. The fund, which declined to comment on the price, said it acquired the office component of the Pacific Century Place Marunouchi.