Singapore’s sovereign wealth fund GIC Pte’s purchase of six warehouses in Japan from Blackstone Inc. for US$800 million contributed significantly to that, said Christine Li, Knight Frank’s head of Asia-Pacific research, in the report.
Singapore became the biggest investor in Japan’s real estate sector this year, lured by the yen’s weakness and growing demand in logistics and hospitality industries, according to Knight Frank LLP.
Inflows from the city-state totalled almost US$3 billion ($4.1 billion) so far in 2023, followed by investors from the US, Canada, and the United Arab Emirates, according to a report published this month.
