Gaw Capital Partners and Patience Capital Group (PCG) have partnered to acquire and manage a US$1bn (€970m) retail asset in Japan.
The asset, Tokyu Plaza Ginza in Tokyo, will be held by a venture in which Gaw Capital owns 91% and Singapore-based PCG owns 9%.
Completed in 2016, the 50,093sqm Tokyu Plaza Ginza asset spans an entire block with four-sided frontage.
Isabella Lo, principal, MD of investments and head of Japan at Gaw Capital, said: “Our partnership with Patience Capital Group brings together synergies that will maximise the value of this iconic asset.”
Lo said by combining Patience Capital Group’s ability to source unique opportunities and Gaw Capital’s extensive retail experience, the partners were confident of their ability to reposition the mall as a premier retail destination.
“With favourable macroeconomic fundamentals supporting Japan’s retail sector, this is a highly opportune time to invest,” she said.
Alvin Lo, managing director, principal in charge of asset management at Gaw Capital, said the business plan involved transforming the mall into a vibrant, brand-new retail destination with a refreshed tenant mix and a coherent concept.
Ken Chan, founder and CEO of Patience Capital Group said his firm’s extensive relationships in Japan offered unique access to off-market opportunities.
“These deep connections were key in helping us source and put together this deal. With the Japanese retail sector’s resilient demand, Gaw Capital’s retail experience and PCGs track record of working with brands to craft the ideal tenant mix, we look forward to leveraging our combined strengths to unlock the potential of this exceptional asset.”
To read the latest IPE Real Assets magazine click here.
