On February 7th, the Nikkei Shimbun reported that Gaw Capital Partners, together with Singapore-based Patience Capital Group (PCG) as a minority stakeholder, are set to acquire Tokyu Plaza Ginza for over $1 billion (approx. 150 billion yen).
Tokyu Plaza Ginza courtesy of Edomura no Tokuzo via Wikipedia.
The Hong Kong-based Gaw, together with PCG in a joint effort asset management push, plans to rebrand the complex and launch renovations in 2026 to enhance retail space and attract high-end brands.
Gaw Capital is purchasing the property from Sumitomo Mitsui Trust and Panasonic Finance, securing a 91% stake while PCG will hold 9%.
Patience Realty is a proud group company of Patience Capital Group and Capital Brain.
Ken Chan, Founder and CEO of PCG said "PCG’s long-held relationships with developers in Japan gives us unique access to off-market opportunities such as this one. Our retail experience and track record of working with brands to craft the ideal tenant mix coupled with the Japanese retail sector’s resilient demand will help us set Tokyu Plaza Ginza up for success. We look forward to working closely with GAW Capital to unlock the potential of this exceptional asset.” according to the Patience Capital Group website.
Ginza specifically is seen as a key retail hub, benefiting from Japan’s surging inbound tourism.
Despite a 9.7% rise in Tokyo’s commercial land prices in 2024, foreign investors still view Japan as undervalued due to the weak yen. According to the Nikkei Shimbun, NLI Research Institute reports that overseas real estate investment in Japan surged 20% in 2024, reaching 2.2 trillion yen.
Opened in 2016 by Tokyu Land Corporation, the Tokyu Plaza Ginza shopping complex suffered revenue losses during the pandemic, leading to the previous 2023 sale. Gaw Capital will take over operations, expand retail space, and reposition tenants to increase foot traffic and rental income.
Foreign funds are increasingly targeting Japan’s real estate sector. Blackstone will acquire Tokyo Garden Terrace Kioicho for 400 billion yen by February, while PAG plans $7 billion in Japanese investments over the next three years.
Sources:
Nikkei Shimbun (Japanese only; paywalled)
Patience Capital Group and GAW Capital Partners Complete Acquisition of Tokyu Plaza Ginza (Patience Capital Group website)
