HONG KONG SAR, CHINA – PAG, a leading investment firm focused on the Asia-Pacific region, and Mapletree Investments Pte Ltd (“Mapletree”), a global real estate development, investment, capital and property management company, announced today that they have entered into an agreement to form a 50/50 joint venture to acquire Hong Kong SAR ’s Goldin Financial Global Centre (“GFGC”) from the receivers for HKD5.6 billion (USD713 million).
Located in the heart of Kowloon East, the centre of Hong Kong’s CBD2 commercial and business district, GFGC is a premium office building featuring spacious interiors and flexible floor plans, with a total lettable area of 886,703 sq ft. It received LEED platinum and BEAM Plus platinum certification upon completion in 2016, the highest global and Hong Kong local industry standard for healthy, sustainable, and cost-saving green buildings.
PAG Real Assets, the real estate business of PAG, currently has more than US$10 billion in equity under management across the Asia-Pacific region. Over the past two decades, it has acquired and managed over 7,000 properties across Asia-Pacific, including office and logistics, multifamily, hotel, retail, digital infrastructure and renewables.
J-P Toppino, President of PAG, said: “We are very pleased to be partnering with Mapletree on this major acquisition. GFGC is an iconic building in Hong Kong’s CBD2, and represents very good value at a significant discount to replacement cost. This transaction further expands PAG Real Assets’ footprint in Hong Kong, where we see the ongoing post-Covid recovery creating attractive opportunities for us and our investors.”
Wong Mun Hoong, Regional Chief Executive Officer, Australia & North Asia, Mapletree, added, “We see this joint acquisition with our partner, PAG, as a great opportunity to own a high-quality office building, boosting our presence in Hong Kong’s commercial sector at an attractive price. 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.”
As at 31 March 2022, Mapletree owns and manages a diverse portfolio of S$78.7 billion real estate assets comprising office, industrial, logistics, data centre, retail, residential and student accommodation across markets including Asia Pacific, Europe, the United States and the United Kingdom. In Hong Kong SAR, Mapletree has an asset under management of S$7,497.3 million in the logistics, office, retail and data centre sectors.
GFGC is located in the heart of Kowloon east, the centre of Hong Kong’s CBD2 commercial and business district
The asset was awarded LEED platinum and BEAM Plus platinum certification upon its completion in 2016
