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Gaw Capital Partners completes US$3 bil privatisation of office J-REIT in Japan

By Atiqah Mokhtar

/ EdgeProp Singapore |

January 24, 2022 2:15 PM SGT

Credit: Gaw Capital Partners

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SINGAPORE (EDGEPROP) - Hong Kong real estate private equity firm Gaw Capital Partners has completed the US$3 billion ($4.03 billion) privatisation of Invesco Office J-REIT, a Japanese office REIT under its management.

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

The REIT comprises 18 fully stabilised Grade-A/B office assets in Japan with a total net rentable area of 3.19 million sq ft. In the portfolio, 12 assets are located in Tokyo while three assets are in Yokohama. The remaining three assets are located in Nagoya, Fukuoka and Osaka respectively.

The portfolio’s average occupancy stands at over 98%, according to 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,” says Kenneth Gaw, president and managing principal of Gaw Capital.

Isabelle Lo, managing director of Gaw Capital, adds that the REIT’s high-quality, green-certified offices in prime locations will be a great addition to the firm’s current 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 says.

Gaw Capital Partners entered the Japanese market in 2014 with its first investment in Hyatt Regency Osaka, which it exited in 2016 in a transaction that was the second largest hotel deal in Osaka for that year.

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