Gaw Capital Partners acquired Tokyu Plaza Ginza, an 11-storey shopping mall in Tokyo’s prestigious Ginza district, through a joint venture with Patience Capital Group. Sources confirm the deal is valued at $1bn.

Hong Kong-based Gaw Capital holds a 91% stake in the joint venture, while Singapore’s Patience Capital, led by former GIC executive Ken Chan, owns the remaining 9%. The seller, reportedly Sumitomo Mitsui Trust Panasonic Finance, offloaded the 50,093-square-metre property, which enjoys direct access to Ginza station on the Tokyo Metro.

Gaw Capital will take over management and leasing operations, with plans to transform the 2016-built mall into a top-tier retail destination. Patience Capital will work on refreshing the tenant mix.

“By combining Patience Capital Group’s ability to source unique opportunities and Gaw Capital’s extensive retail experience, we are confident in our ability to reposition the mall as a premier retail destination,” said Isabella Lo, managing director and head of Japan at Gaw Capital. She highlighted Japan’s strong macroeconomic fundamentals as a key driver for the investment.

Situated in one of Asia’s most prestigious shopping districts, Tokyu Plaza Ginza occupies a full city block with four-sided frontage. The property is expected to gain further value from the upcoming conversion of the adjacent Tokyo Expressway into a pedestrian walkway, a project set to partially open in 2029.

This acquisition marks Gaw Capital’s largest-ever investment in Japan, where the firm manages $4.7bn in assets. The deal adds to Gaw’s recent flurry of activity in the region as the firm continues expanding its portfolio.