Singapore-based Patience Capital, Hong Kong’s Gaw Capital buy iconic Tokyo mall for over US$1 billion

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, Gaw’s Japan head said on Friday (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 last month 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$5.9 billion) in assets under management in Japan, which represents 40 per cent growth over the past 12 months, Lo said. REUTERS