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

Wong Mun Hoong, regional chief Executive officer, Australia & North Asia, Mapletree, comments that the transaction of Mapletree Investments, together with investment firm PAG, entering into an agreement to form a 50:50 joint venture to acquire Goldin Financial Global Centre (GFGC) is a great opportunity to own a high-quality office building in Hong Kong. “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.”

Completed in 2016, the 28-storey office tower located in Kowloon East, Hong Kong has a total lettable area of 886,703 sq ft and was the former headquarters of distressed investment holding company Goldin Financial Holdings. The building was seized by receivers in 2020 and acquired for HK$5.6 billion or US$713 million ($948 million).

In Jan 12 press release, J-P Toppino, president of PAG, says the acquisition 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 Tengah EC post-Covid recovery creating attractive opportunities for us and our investors,” he adds.