Sumitomo Mitsui Trust Panasonic Finance sold Tokyo’s shopping mall
Hong Kong real estate investor GAW Capital Partners and its Singapore’s joint venture partner Patience Capital Group paid one billion US Dollar for acquiring Tokyu Plaza Ginza, an eleven floors shopping mall in Tokyo’s central area of Ginza, from Sumitomo Mitsui Trust Panasonic Finance (see here the press release).
GAW has 91% of the jv, while Patience has 9%.
The asset construction completed in 2016. The 50093 sqms whole block with a façade on four sides is close to Ginza Tokyo subway station.
GAW manages 4.7 billion worth of assets in Japan and paid this shopping centre 19963 per square metre, which makes such a deal the firm’s most important in the country. Tokyu Plaza Ginza my gain further value out of the government’s plan for the adjacent Tokyo Expressway (KK Line) that may become a green pedestrian route (Tokyo Sky Corridor – High Line) and partially open in 2029.
Isabella Lo, GAW Capital Managing Director, Principal Investments and Head of Japan said: “We are excited to acquire this Tokyo’s iconic retail asset. Our partnership with Patience Capital Group brings together synergies that will maximise its value. Our partner’s ability to identify unique opportunities and our extensive retail experience will reposition the mall as a premier destination. The positive macroeconomic indicators are supporting Japan’s retail sector making this time as the right to invest”.
Alvin Lo, GAW Capital Managing Director and Principal Asset Management, added: “GAW Capital is excited to lead the asset management and asset leasing strategy leveraging its extensive experience in retail value-add strategies. The business plan calls for the transformation of the mall into a new vibrant destination with a renewed tenant mix and a consistent concept”.
Ken Chan, Patience Capital Group founder and ceo, said: “We are keen on our partnership with GAW Capital. Our network in Japan grants a unique access to off diary opportunities. Such connections have been instrumental for closing this deal. With the resilient demand of the Japanese retail sector, Gaw Capital’s retail expertise and PCG’s track record in working with brands to create the ideal tenant mix, we look forward to harnessing our combined strengths to unlock the potential of this exceptional asset”.
