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 to acquire Goldin Financial Global Centre (GFGC) is a great opportunity. “With the reopening of the border with China and the easing of travel restrictions, we are confident of the recovery of the office Senja Close EC sector in Hong Kong,” he adds.

A joint venture between Mapletree Investments and investment firm PAG was formed to take advantage of the opportunity, splitting the cost of the acquisition 50:50 and paying HK$5.6 billion or US$713 million ($948 million).

J-P Toppino, president of PAG, in a Jan 12 press release, says the transaction 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 said.

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