Mapletree Investments, PAG to acquire Goldin Financial Global Centre for HK$5.6b

MAPLETREE Investments and Hong Kong-headquartered investment firm PAG have entered into an agreement on Thursday (Jan 12) to form a 50:50 joint venture to acquire Goldin Financial Global Centre (GFGC) in Hong Kong for HK$5.6 billion (S$953.7 million).

GFGC is located in the CBD2 commercial and business district of Kowloon East, and has a total lettable area of 886,703 square feet. 

Mapletree’s regional chief executive officer, Australia and North Asia, Wong Mun Hoong, said the joint acquisition with PAG is “a great opportunity” to own a high-quality office building, boosting its presence in Hong Kong’s commercial sector “at an attractive price”.

In Hong Kong, Mapletree has an asset under management of S$7.5 billion in the logistics, office, retail and data centre sectors.

As at Mar 31, 2022, the Temasek-owned company owns and manages a portfolio of real estate assets worth S$78.7 billion. These comprise office, industrial, logistics, data centre, retail, residential and student accommodation across markets including Asia-Pacific, Europe, the United States and the United Kingdom.

In a joint press statement with Mapletree, PAG’s president Jon-Paul Toppino said that the transaction further expands its real estate business’ footprint in Hong Kong. He added that the ongoing post-Covid recovery is creating attractive opportunities for both the company and its investors.

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The real estate business of PAG, PAG Real Assets, has more than US$10 billion in equity under management across the Asia-Pacific region.