Asia-Pacific-focused alternative investment firm PAG and Singapore’s Mapletree Investments have entered a 50/50 joint venture to acquire the Goldin Financial Global Centre office building in Hong Kong from receivers for HKD5.6bn (€666m).

The asset, located in Kowloon East, offers a total lettable area of 886,703sqft.

Wong Mun Hoong, Mapletree’s regional CEO, Australia & North Asia, said: “We see this joint acquisition with our partner as a great opportunity to own a high-quality office building, boosting our presence in Hong Kong’s commercial sector at an attractive price.”

J-P Toppino, president of PAG, said: “GFGC is an iconic building in Hong Kong’s CBD2, and represents very good value at a significant discount to replacement cost. 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.”

PAG Real Assets, the real estate business of PAG, currently has more than US$10bn (€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 (€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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