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

In Jan 12 press release, J-P Toppino, president of PAG, says the acquisition of Goldin Financial Global Centre (GFGC) represents “very good value Tengah Plantation EC 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,” he adds.

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

Wong Mun Hoong, regional chief Executive officer, Australia & North Asia, Mapletree, comments that the transaction 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.”

Mapltree Investments, together with investment firm PAG, have entered into an agreement to form a 50:50 joint venture to acquire GFGC.