SINGAPORE (EDGEPROP) – Mapltree Investments, together with investment firm PAG, have entered into an agreement to form a 50:50 joint venture to acquire Goldin Financial Global Centre (GFGC) from receivers for HK$5.6 billion or US$713 million ($948 million).

The 28-storey office tower, located in Kowloon East, Hong Kong was the former headquarters of distressed investment holding company Goldin Financial Holdings. Completed in 2016, it has a total lettable area of 886,703 sq ft. The building was seized by receivers in 2020.

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 post-Covid recovery creating attractive opportunities for us and our investors,” he adds.

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.”

Source: EdgeProp Singapore, 12 January 2023.