Singapore buys U.S. firm property interests

SINGAPORE, Dec. 24 (Chinese media) -- The Government of

Singapore Investment Corporation (GIC) has acquired from ProLogis, an U.S.-based

firm, all its interests in Japan's property funds and China operations,

according to a statement of the GIC.

The government-owned corporation said late Tuesday that it will pay about 1.3 billion U.S. dollars for

ProLogis' property operations in Japan and China, and the transaction is due to

be completed in January 2009, subject to fulfillment of conditions precedent.

"The acquisition consolidates control over our

existing portfolio in Japan and provides a platform to expand our logistics

property business in China. These investments are in markets that we believe

have good long-term fundamentals," said Seek Ngee Huat, president of GIC Real

Estate.

Incorporated in 1981, The GIC is one of the two

investment firms owned by the Singapore government and now invest in more than

40 markets worldwide in a variety of investments and securities. GIC Real Estate

is the real estate investment arm of the corporation.

ProLogis is headquartered in Denver, Colorado of the

United States. It is one of the major international developers of distribution

facilities and a member of the SP 500.