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Gaw Capital and DJM Acquire Hollywood and Highland
Wednesday 07 August 2019

7 August 2019 - California, US-based private equity real estate and development firm DJM and Hong Kong and Los Angeles-based real estate private equity firm Gaw Capital USA have assumed ownership of Los Angeles shopping centre Hollywood and Highland, the firms said.

Cim Group was the seller. The sale did not include the Dolby Theatre, where the Oscar ceremony is held.

DJM and Gaw Capital have acquired the 463,000 square foot shopping destination for an undisclosed amount.

Natixis financing team led by Jerry Tang and Greg Murphy provided the financing package which included acquisition loan along with the future funding component.

DJM and Gaw Capital formed a partnership playing to their respective strengths: Gaw Capital's strength in capital markets and successful repositioning of assets around the world, and DJM's deep understanding of the Los Angeles market, experiential retail and development.

Together, the partners plan to reimagine the 7.6-acre site over the next 24 to 30 months.

Built in 2001, the project sits at the crossroads of Hollywood Boulevard and Highland Avenue, and adjacent to the TCL Chinese Theater.

The team will upgrade the retail hub and focus on rebranding, upgrading common areas with an eye to creating more desirable gathering and programming spaces, ramping up entertainment events, optimizing the merchandise mix and incorporating new concepts and uses that bring excitement to retailers, visitors and other tenants at the property.

Goodwin Gaw, chairman and Managing Principal of Gaw Capital Partners, was a pioneer in Hollywood with his purchase and redevelopment of the Hollywood Roosevelt Hotel in 1995, just one block away from Hollywood and Highland.

DJM Capital Partners, Inc. is a private real estate equity and development firm based in San Jose, California.

Advised by Eastdil Secured, Hollywood and Highland is the largest single-asset retail transaction to take place outside of Manhattan in nearly three years.
Date Published: 07/08/2019
Target: Hollywood and Highland
Country: USA
Sector: Construction/Real Estate
Type: JV
Status: Closed
Vendor: Cim Group
Buyer: DJM, Gaw Capital USA
Terms of the deal were not disclosed