Mapltree Investments, together with the investment company PAG and investment firm PAG, have signed an agreement to create an equal 50-50 joint venture to purchase Goldin Financial Global Centre (GFGC) from receivers for HK$5.6 billion or 713 million dollars ($948 millions).
The office tower that is 28 floors high located within Kowloon East, Hong Kong was previously the headquarters of the distressed investor holding firm Goldin Financial Holdings. It was completed in the year 2016. It has a lettable area of 886,703 square feet. The building was confiscated by receivers in the year 2020.
In the Jan 12 press release, J-P Toppino, president of PAG said that the acquisition is “very excellent value for money with a substantial discount from replacement costs”. “This acquisition further broadens PAG Real Assets’ footprint in Hong Kong, where we are seeing the continuing post-Covid recovery providing attractive opportunities for us and our investors” Toppino adds.
Wong Mun Hoong, regional chief executive officer of Australia & North Asia, Mapletree remarks that the deal is an excellent opportunity to purchase an office building that is of the highest quality located in Hong Kong. “With the opening of the frontier to China and the relaxation on travel regulations, we are optimistic that Hong Kong will see a revival in the office market of Hong Kong.”