Gaw Capital Partners

Gaw Capital Partners Concludes US$3bil Privatisation Of Office J-REIT

JAPAN – Hong Kong-based property private equity firm Gaw Capital Partners has concluded the US$3 billion (S$4.03 billion) privatisation of a Japanese office REIT under its management known as Invesco Office J-REIT, reported The Edge on Monday afternoon (24 January, SGT).

The completion of the transaction represents the first-ever successful privatisation of a J-REIT. The deal was done in partnership with US-based Invesco Real Estate, the REIT’s sponsor.

In particular, the REIT owns 18 fully stabilised Grade A and Grade B office properties in Japan with a combined net leasable area (NLA) of 3.19 million sq ft. Twelve of the office assets are situated in Tokyo, while 3 are located in Yokohama. The remaining 3 are found in Osaka, Nagoya, and Fukuoka.

On average, the office portfolio has an occupancy level of more than 98 percent, noted Gaw Capital.

“Gaw Capital and Invesco are delighted to complete this landmark transaction today. We are extremely pleased to work with partners who have deep knowledge and operating experience in the Japan market and we look forward to collaborating on this investment,” commented Gaw Capital’s President & Managing Principal Kenneth Gaw.

The private equity firm’s Managing Director Isabelle Lo said Invesco Office J-REIT’s high-quality, green-certified offices in prime locations will be an excellent addition to Gaw Capital’s present portfolio.

“We see great opportunities in Japan’s real estate market and look forward to exploring further opportunities across various property sectors in the country,” she added.

Notably, Gaw Capital Partners made its maiden investment in Japan in 2014 with its investment in Hyatt Regency Osaka. It divested that in 2016 in a deal known as the 2nd biggest hotel transaction in Osaka for that year.

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