Hong Kong's Gaw Capital buys iconic Tokyo mall for over $1 billion

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.