TOKYO - Real estate private equity firm Gaw Capital and Singapore-based investor Patience Capital Group have completed the acquisition of Tokyu Plaza Ginza, a prime mall in central Tokyo, in a deal worth more than $1 billion, Gaw's Japan head said on Friday.

The Hong Kong-based investor said it had formed a joint venture for the acquisition and management of the property in which it holds 91 percent, with the remaining 9 percent held by Patience Capital Group.

The deal is the latest in a run of major property transactions in the hot Japanese market.

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Canadian firm Brookfield Asset Management last month closed two real estate investments in Japan for a total of $1.6 billion.

"With favorable macroeconomic fundamentals supporting Japan's real estate sector, this is a highly opportune time to invest," Gaw's Head of Japan Isabella Lo said in a statement.

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The Tokyu Plaza transaction is Gaw's largest in Japan, where it has been operating since 2014. The firm has roughly 655 billion yen ($4.32 billion) in assets under management in Japan, which represents 40 percent growth over the past 12 months, Lo said.