Gaw Capital acquires first office tower in Tokyo, likely for $750-850m

Hong Kong-based real estate fund manager Gaw Capital has acquired a 13-storey office tower, Aoyama Building, in Tokyo from US investor GreenOak Real Estate, a spokesperson confirmed.

While Gaw Capital did not reveal the value of the deal, a Bloomberg news report pegged the transaction at about $800-850 million, and real estate portal Mingtiandi said the deal size was around 84 billion yen (approximately $750 million).

Gaw Capital, which manages real estate investment funds on behalf of some of the world’s largest institutions, has assets worth $18 billion under management across the Asia Pacific, the US and Europe.

Media reports said GreenOak, which bought Aoyama Building from Mitsubishi Jisho Investment in 2015, garnered a 3x return from the acquisition.

Gaw’s acquisition of an office tower not only helps strengthen its foothold in Tokyo but also paves the way for it to cash in on climbing rents in the country’s Minato ward. In 2017, the fund manager had acquired Minatomirai Centre Building in Yokohama.

The latest Tokyo office tower deal follows Gaw Capital’s recent purchases of office buildings in China, including MixC and Ocean Towers. The private equity firm has also acquired Robinson 77 in Singapore for S$710 million.

The acquisitions were made by its Gateway Fund VI, which was reported to reach its first close at $1.3 billion last October. The vehicle has a hard cap of $2 billion, according to a regulatory filing. The Gateway fund series focuses on investments in the Greater China region, with selected exposure in Japan, South Korea, Southeast Asia and Australia.

Also Read:

Gaw Capital to make final close of Fund VI by 2Q19

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.