Hong Kong’s Gaw Capital and S’pore’s Patience Capital buy iconic Tokyo mall for over US$1 billion
Sign up now: Get ST's newsletters delivered to your inbox
The deal is the latest in a run of major property transactions in the hot Japanese market.
PHOTO: TOKYU PLAZA GINZA/FACEBOOK
TOKYO - Real estate private equity firm Gaw Capital and Singapore-based investor Patience Capital Group have completed the acquisition of Tokyu Plaza Ginza, a prime mall in central Tokyo, in a deal worth more than US$1 billion (S$1.35 billion), Gaw’s Japan head said on Feb 7.
The Hong Kong-based investor said it had formed a joint venture for the acquisition and management of the property, in which it holds 91 per cent, with the remaining 9 per cent held by Patience Capital Group.
The deal is the latest in a run of major property transactions in the hot Japanese market.
Canadian firm Brookfield Asset Management in January closed two real estate investments in Japan for a total of US$1.6 billion.
“With favourable macroeconomic fundamentals supporting Japan’s real estate sector, this is a highly opportune time to invest,” Gaw’s Head of Japan Isabella Lo said in a statement.
The Tokyu Plaza transaction is Gaw’s largest in Japan, where it has been operating since 2014.
The firm has roughly 655 billion yen (S$5.82 billion) in assets under management in Japan, which represents 40 per cent growth over the past 12 months, Ms Lo said. REUTERS
