Mapletree Investments and PAG to acquire Hong Kong’s Goldin Financial Global Centre for US$713 mil

Mapletree Investments and PAG, a leading investment firm, have entered into a 50:50 joint venture to acquire Goldin Financial Global Centre (GFGC) from receivers for HK$5.6 billion or US$713 million ($948 million). The 28-storey office tower, located in Kowloon East, Hong Kong, was the former headquarters of distressed investment holding company Goldin Financial Holdings and was completed in 2016 with a total lettable area of 886,703 sq ft.

J-P Toppino, president of PAG, commenting on the acquisition said it represented “very good value at a significant discount to replacement cost”.

In the same Jan 12 press release, he added “This transaction further expands PAG Real Assets’ footprint in Hong Kong, where we see the ongoing Bukit Batok EC post-Covid recovery creating attractive opportunities for us and our investors”.

Wong Mun Hoong, regional chief Executive officer, Australia & North Asia, Mapletree, expressed his confidence in the recovery of the office sector in Hong Kong, saying “With the reopening of the border with China and the easing of travel restrictions, we are confident of the recovery of the office sector in Hong Kong”.

He added that the acquisition of GFGC represents a great opportunity to own a high-quality office building in Hong Kong.

Mapletree Investments and PAG have jointly entered into an agreement to acquire Goldin Financial Global Centre (GFGC) for HK$5.6 billion or US$713 million ($948 million). The 28-storey office tower, located in Kowloon East, was the former headquarters of distressed investment holding company Goldin Financial Holdings and was completed in 2016 with a total lettable area of 886,703 sq ft.

J-P Toppino, president of PAG said that the acquisition would “further expands PAG Real Assets’ footprint in Hong Kong” and that it represented “very good value at a significant discount to replacement cost”.

Wong Mun Hoong, regional chief executive officer, Australia & North Asia, Mapletree commented on the transaction saying it was a great opportunity to own a high-quality office building in Hong Kong. He added that with the reopening of the border with China and the easing of travel restrictions, they confident of the recovery of the office sector in Hong Kong.

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