Profile
Ayako Kawano focuses her practice on real estate transactions, financing, fund formation, joint ventures, mergers and acquisitions, restructuring, and REIT matters. She has deep experience advising both international and domestic clients on acquisitions, dispositions, and the restructuring of distressed real estate and loan portfolios. She counsels clients on private equity investments as well as cross-border bankruptcy-related mergers and acquisitions. She regularly advises on the formation of real estate funds, as well as matters involving J-REITs and complex financing deals. She also advises clients on the complexities of international finance and has participated in cross-border transactions involving clients with interests across Japan, Asia, the United States, and Europe.
Capabilities
Experience
- Represented ESR in its acquisition of an Osaka data center asset, as part of a planned US$2.15 billion data center development project.°
- Represented ESR on the formation of a perpetual core fund and joint venture among ESR, AXA Investment Managers - Real Assets (AXA IM), and a major sovereign wealth fund in connection with the acquisition of six logistics properties in Japan over US$1 billion. .°
- Represented Starwood Capital Group in its unsolicited tender offer for Invesco Office J-REIT, Inc., a listed J-REIT in Japan, for ¥22,500 per investment unit (total equity value of approximately ¥198 billion, publicly reported debt of ¥126 billion, for an enterprise value of approximately ¥325 billion.°
- Represented a sovereign wealth fund on the acquisition and financing of a portfolio of commercial properties in Japan, a sale-leaseback transaction as its first investment and first real estate investment in Japan°.
- Represented a sovereign wealth fund on its acquisition of a major mixed-use property (office, retail and hospitality) in Tokyo, as its first investment in Japan°.
- Represented Commerzbank AG on the sale of its Tokyo-based subsidiary, Commerz Japan Real Estate Finance Corporation to leading Asia-focused alternative investment manager PAG.°
- Represented PayPal Holdings, Inc. in its acquisition of Paidy Inc., a leading two-sided payments platform and provider of buy now, pay later solutions in Japan, for an enterprise value of ¥300 billion, or approximately US$2.7 billion.°
- Represented automobile manufacturer Daimler AG and its subsidiaries in connection with the global restructuring of Takata Corporation and its subsidiaries, component part suppliers responsible for the largest-ever consumer products recall..°
- Advised CIT Aerospace, a provider of leasing and financing solutions for aircraft fleets worldwide, one of the four largest creditors of Skymark Airlines, in connection with the restructuring of Skymark Airlines.°
- Advised Ellipsiz Ltd. and its U.S.-based subsidiary, SV Probe Pte. Ltd., on the acquisition (i) by business transfer of Tokyo Cathode Laboratory Co., Ltd. (TCL), a Japanese probe card manufacturer and supplier, out of TCL's Civil Rehabilitation Procedure filed with the Tokyo District Court and (ii) by shares of or of assets held by TCL's subsidiaries located in Hong Kong, Singapore, Taiwan and Guangzhou, China.°
°The above representations were handled by Ms. Kawano prior to her joining GT Tokyo Horitsu Jimusho.
Recognition & Leadership
- Listed, Chambers Asia-Pacific, Real Estate: Bengoshi, Japan, 2024-2025
- Listed, The Legal 500 Asia Pacific, “Leading Individual: Bengoshi: Real Estate and Construction: International Firms and Joint Ventures – Japan,” 2022-2023
- Selected, The Women in Business Law Awards APAC, “Real Estate Lawyer of the Year,” 2022
- Listed, IFLR1000, “Notable practitioner,” 2023-2024
- M&A – Japan, 2023-2024
- Restructuring and Insolvency – Japan, 2023-2024
- Selected, Chambers Asia Pacific, Diversity & Inclusion Awards, “LGBT+ Lawyer of the Year,” 2020
- Listed, The Best Lawyers in Japan, 2012-2025
- Insolvency and Reorganization Law, 2020-2025
- Hospitality and Tourism Law, 2012-2025
- Real Estate Law, 2012-2025
- Member, Daini Tokyo Bar Association, Present
Credentials
- LL.M., Harvard Law School
- LL.B., Osaka University
- Japan
- Japanese, Native
- English, Fluent