Asia-Pacific-focused alternative investment firm and Singapore鈥檚 have entered a 50/50 joint venture to acquire the Goldin Financial Global Centre office building in Hong Kong from receivers for HKD5.6bn (鈧�666m).
The asset, located in Kowloon East, offers a total lettable area of 886,703sqft.
Wong Mun Hoong, Mapletree鈥檚 regional CEO, Australia & North Asia, said: 鈥淲e see this joint acquisition with our partner as a great opportunity to own a high-quality office building, boosting our presence in Hong Kong鈥檚 commercial sector at an attractive price.鈥�
J-P Toppino, president of PAG, said: 鈥淕FGC is an iconic building in Hong Kong鈥檚 CBD2, and represents very good value at a significant discount to replacement cost. This transaction further expands PAG Real Assets鈥� footprint in Hong Kong, where we see the ongoing post-COVID recovery creating attractive opportunities for us and our investors.鈥�
PAG Real Assets, the real estate business of PAG, currently has more than US$10bn (鈧�9.3bn) in equity under management across the Asia-Pacific region.
As of 31 March 2022, Mapletree owned and managed a diverse portfolio of S$78.7bn (鈧�55bn) in real estate assets, comprising office, industrial, logistics, data centre, retail, residential and student accommodation across markets including Asia-Pacific, Europe, the US and the UK.
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