PAG, Mapletree to buy Hong Kong's Goldin Financial Global Centre for $713 mln (updated)

Goldin Financial Holdings

12/01/2023 02:59

(Add details, context, quotes)
       Jan 12 (Reuters) - Asia-focused investment firm PAG and
Singapore-based real estate group Mapletree Investments said on
Thursday 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.
($1 = 1.3300 Singapore dollars)
 (Reporting by Yantoultra Ngui)
 ((Reuters.Briefs@thomsonreuters.com;))