Hong Kong’s Gaw Capital buys central Tokyo shopping centre for more than US$1 billion

Gaw Capital, a real-estate focused Hong Kong private equity firm, completed the acquisition of a shopping centre in central Tokyo – its largest transaction to date in Japan – in a deal worth more than US$1 billion.

Gaw partnered with Singapore-based Patience Capital Group (PCG) to buy and manage Tokyu Plaza Ginza. Gaw owns 91 per cent of the project and PCG holds the remaining 9 per cent, Gaw said in a statement on Friday.

Completed in 2016, Tokyu Plaza Ginza is one of the largest retail facilities in the Ginza district, has a couple of subway stations nearby and has a gross floor area of 50,093 sq m.

Gaw said it is dedicated to seizing opportunities in Japan’s vibrant market. It said it has around 655 billion yen (US$4.7 billion) in assets under management across Japan.

“With favourable macroeconomic fundamentals supporting Japan’s retail sector, this is a highly opportune time to invest,” said Isabella Lo, managing director of investments and head of Japan at Gaw Capital.