Mapltree Investments, together with the investment company PAG has entered into an agreement to establish a 50:50 joint venture purchase Goldin Financial Global Centre (GFGC) from receivers for HK$5.6 billion or 713 million dollars ($948 millions).
Grand Dunman launch price equivalent to $1,350 per square feet per plot ratio (psf ppr).
The 28-storey office building situated within Kowloon East, Hong Kong was once the headquarters of the distressed investing holding corporation Goldin Financial Holdings. The building was completed in 2016. It is a lettable total of 886,703 square feet. The building was taken over by receivers in the year 2020.
In the Jan 12 press release, J-P Toppino, president of PAG The acquisition is “very great value at a substantial discount to the replacement cost”. “This deal further increases PAG Real Assets’ footprint in Hong Kong, where we are seeing the continuing post-Covid recovery providing attractive opportunities for PAG Real Assets and our investors,” he says.
Wong Mun Hoong, regional chief executive officer for Australia & North Asia, Mapletree remarks that the deal is an ideal opportunity to acquire an office building that is of the highest quality located in Hong Kong. “With the reopening of Hong Kong’s borders to China and the ease on travel regulations, we are optimistic that Hong Kong will see a revival in the office industry within Hong Kong.”