Asia-focused investment firm PAG and Singapore-based real estate group Mapletree Investments said they have entered into a 50-50 joint venture to buy Hong Kong’s Goldin Financial Global Centre from receivers for $713 million.
Goldin Financial Global Centre is an office building completed in 2016 with a total lettable area of 886,703 square feet located in Kowloon East of Hong Kong, according to a statement released by PAG and Mapletree.
PAG Real Assets, the real estate business of Hong Kong-based PAG, has been on an acquisition spree, snapping up and managing over 7,000 properties across the Asia-Pacific region, including office space and logistics hubs, over the past two decades. PAG Real Assets now has over $10 billion in equity under management, according to PAG.
“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,” said PAG’s president, Jon-Paul Toppino.
Mapletree owns and manages real estate assets amounting to S$78.7 billion ($59.17 billion) as at March 31, 2022, including office space and student accommodation globally. In Hong Kong, Mapletree has assets under management totalling S$7.5 billion, according to Mapletree.
“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,” said Wong Mun Hoong, Mapletree’s regional chief executive officer, Australia and North Asia.
Source: Reuters.com