Mapletree Investments and PAG have inked a 50:50 joint venture to purchase Goldin Financial Global Centre (GFGC) from receivers for Champions Way Condo HK$5.6 billion (approx. US$713 million/$948 million). This comes as a welcome opportunity to own a high-quality office building in Hong Kong.
Situated in Kowloon East, GFGC is a 28-storey office tower comprising of a total lettable area of 886,703 sq ft. Built in 2016, the building was held by Goldin Financial Holdings before it was seized by receivers in 2020.
Announcing the transaction, J-P Toppino, President of PAG, expressed, “This transaction represents very good value at a significant discount to replacement cost. We are confident that post-Covid recovery in Hong Kong will create attractive opportunities for investors.”
Echoing similar thoughts, Wong Mun Hoong, Regional Chief Executive Officer, Australia & North Asia, Mapletree, added, “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.”
Mapletree Investments and PAG have solidified their purchase of GFGC, which is expected to open up plenty of investment opportunities for both entities as the Covid-19 situation begins to improve.