Gaw Capital Partners, a Hong Kong-based real estate private equity investor, has completed the US$3 billion privatization of Invesco Office J-REIT, the first-ever such deal in Japan’s real estate investment trust market.
The portfolio comprises 18 Grade A-B office assets with a total net rentable area of 89,736 tsubo (3,193,092 square feet) in Japan. It includes 12 assets in Tokyo, three in Yokohama, one in Nagoya, one in Fukuoka, and one in Osaka. Enjoying excellent transport links, all 18 assets are within 10 minutes walking distance of a subway station with the average portfolio occupancy over 98%.
These are Nishi Shinjuku Prime Square, Ebisu Prime Square, Shinagawa Seaside East Tower, Nagoya Prime Central Tower, CS Tower, Queen's Square Yokohama, Kinshicho Prime Tower, ORTO Yokohama, Prime Tower Shinurayasu, Techno Wave 100, Akiba CO Building, Sun Towers Center Building, Nishi Shinjuku KF Building, Tokyo Nissan Nishi Gotanda Building, Kojimachi Crystal City, Otowa Prime Building, Hakata Prime East, and Aqua Dojima East.
Gaw Capital Partners entered the Japan market in 2014 through its first investment in Hyatt Regency Osaka and successfully exited as the second largest hotel deal in Osaka in 2016.
Aside from the 18 office assets, other properties in Gaw Capital’s portfolio in Japan include Aoyama Building in Tokyo, H Beauty & Youth Flagship Store in Tokyo, Renaissance Okinawa Resort and Coco Garden Resort in Okinawa, Minatomirai Center Building in Yokohama, a residential portfolio located in Tokyo, Osaka, Kyoto, Sapporo, Nagoya and Yokohama, Toyobo Building in Osaka, and Matsushita IMP Building in Osaka.
“We see great opportunities in Japan's real estate market and look forward to exploring further opportunities across various property sectors in the country," says Gaw Capital managing director Isabella Lo.