Real estate private equity firm Patience Capital Group (PCG) in a joint venture with GAW Capital Partners announced that the firm, through a fund under its management and investment from co-investors, has acquired and will manage prime retail asset “Tokyu Plaza Ginza” in Ginza 5-chrome, Tokyo, Japan.
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Patience Capital Group’s connections with local developers were key in sourcing and helping put together this deal. Patience Capital Group holds 9% of this venture while GAW Capital Partners holds the other 91%.
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Completed in 2016, Tokyo Plaza Ginza has a gross floor area of 15,153 tsubo (50,093 sqm). It has direct access to Ginza Station and is a short walk from JR Yurakucho Station. The mall is surrounded by flagship stores of luxury brands, renowned department stores and upscale hotels, in the heart of one of Tokyo’s most prestigious shopping districts. The asset is one of the largest and rarest retail facilities in Ginza, occupying a high-street footprint of over 1,139 tsubo and spanning an entire block with four-sided frontage. Its unparalleled location offers exceptional accessibility and prestige.
Given strong tourist demand after Covid coupled with yen depreciation, Tokyo retail sales volumes have continued to outperform. This was fueled by robust spending on luxury goods. Domestic consumption is also set to benefit from the positive wage growth outlook. The government’s planned revitalisation of the adjacent Tokyo Expressway (KK Line) into a green pedestrian walk known as the Tokyo Sky Corridor (High Line) – which is scheduled to partially open in 2029, will further direct footfall towards Tokyu Plaza Ginza, and enhance its potential value.
Ken Chan, Founder and CEO, Patience Capital Group 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.”
About Patience Capital Group (PCG)
Established in 2019, Patience Capital Group (PCG) is a visionary real estate and private equity investment manager headquartered in Singapore. PCG has been entrusted by our institutional and private investors to create and access unique opportunities and deliver long-term returns. PCG has deep connections in Japan and are widely regarded as experts in Japanese real estate & private equity investment. PCG manage 2 funds on behalf of institutional investors, family offices and high-net-worth individuals.
About Gaw Capital Partners
Gaw Capital Partners is a uniquely positioned private equity fund management company focusing on real estate markets in Asia Pacific and other high barrier-to-entry markets globally. Specializing in adding strategic value to under-utilized real estate through redesign and re-positioning, the firm’s investments span the entire spectrum of real estate sectors, including residential development, commercial offices, retail malls, hospitality, logistics warehouses and IDC projects.
Since its inception in 2005, Gaw Capital has raised seven commingled funds targeting Asia Pacific regions. The firm also manages value-add/opportunistic funds in the US, a Pan-Asia hospitality fund, a European Hospitality Fund, a Growth Equity Fund, and it also provides services for credit investments and separate account direct investments globally.
