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

Mapletree Investments, together with PAG, have agreed on a joint venture to acquire Goldin Financial Global Centre (GFGC) in Hong Kong’s Kowloon East for US$713 million. GFGC is a 28-storey office tower completed in 2016, with a total lettable area of 886,703 sq ft.

J-P Toppino, president of PAG, comments that the purchase of GFGC represents “very good value at a significant discount to replacement cost”. Wong Mun Hoong, Regional Chief Executive Officer of Mapletree, adds that this transaction is a great opportunity to own a high quality office building in Hong Kong.

The joint venture’s confidence in the recovery of the office sector in Hong Kong is driven by the reopening of the border with China and the easing of travel restrictions. Mapletree and PAG are confident that the recovery of Hong Kong’s office sector will create attractive opportunities for them and their investors.

The acquisition of GFGC Tengah EC from its receivers marks a significant move for the two firms, and is a positive sign for the office sector in Hong Kong. It is likely that the building’s unique architectural design, coupled with its sought-after location, will only serve to boost the two firms’ investment portfolio.