Real estate players Gaw Capital USA and DJM have jointly acquired Hollywood & Highland, the LA entertainment and retail centre, for an undisclosed sum.

Gaw Capital USA is an affiliate of Hong Kong private equity fund Gaw Capital Partners, which last week acquired a partial stake in Singapore’s DUO Tower and DUO Galleria, comprising premium Grade-A offices, a retail component, the 660-unit DUO Residences and Andaz hotel.

The partners have described the acquisition as the “largest sale of retail space” outside Manhattan since early 2017, when a Las Vegas shopping centre was sold for US$389 million.

Built in 2001, Hollywood & Highland spans 463,000 sq ft on a 7.6- acre (3ha) site. The property, previously owned by CIM Group, includes the Dolby Theatre, where the Academy Awards are held. CIM will retain ownership of the theatre.

Hollywood & Highland sits at the crossroads of Hollywood Boulevard and Highland Avenue, adjacent to the TCL Chinese theatre.

Gaw Capital USA and DJM plan to renovate and upgrade the retail hub, rework the common areas and incorporate new retail concepts. Renovations will start in 2020 and finish in 2021.