By Anton Bridge
TOKYO (Reuters) – 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 $1 billion, Gaw’s Japan head said on Friday.
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%, with the remaining 9% 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 $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 ($4.32 billion) in assets under management in Japan, which represents 40% growth over the past 12 months, Lo said.
($1 = 151.6200 yen)
(Reporting by Anton Bridge; Editing by Jamie Freed)
