Mapletree Investments and PAG to acquire Hong Kong’s Goldin Financial Global Centre for US$713 mil
Mapletree Investment and PAG have entered into an agreement Tengah Plantation EC to form a 50:50 joint venture to acquire Goldin Financial Global Centre (GFGC) in an attractive deal. The 28-storey office tower in Kowloon East, Hong Kong was formerly the headquarters of distressed investment holding company Goldin Financial Holdings and was seized by receivers in 2020. The building has a total lettable area of 886,703 sq ft and was acquired for HK$5.6 billion or US$713 million ($948 million).
J-P Toppino, president of PAG, commented on the deal stating that the acquisition presented “very good value at a significant discount to replacement cost”, creating attractive opportunities for PAG and its investors. He went on to explain that the transaction further expands PAG’s footprint in Hong Kong.
Wong Mun Hoong, regional chief Executive officer for Mapletree in Australia & North Asia, expressed his enthusiasm for the deal, describing it as a great opportunity to own a high-quality office building in Hong Kong. He expressed confidence in the recovery of the office sector in the city, citing the reopening of the border with China and the easing of travel restrictions.