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Asia focused investment firm PAG and Singapore based real estate group Mapletree Investments said on Thursday that they have entered into a 50-50 joint venture to buy hong kong office building Goldin Financial Global Center from the receiver for $713 million.
The HK$5.6 billion price was less than half of that developer’s HK$14.3 billion Goldin Financial Holdings Ltd. was trying to sell it in September 2020.
Goldin Financial Global Center is located in Kowloon East and was completed in 2016 with a total rentable area of 886,703 sq ft (82,377 sq m), PAG and Mapletree said in a statement.
PAG Real AssetsPAG, Hong Kong-based PAG’s real estate business has acquired and managed over 7,000 properties in the Asia-Pacific region over the past two decades, including office space and logistics hubs. PAG said it now has more than $10 billion in equity under management.
PAG Chairman John-Paul Toppino said, “This transaction expands PAG Real Assets’ footprint in Hong Kong, where we see the post-Covid recovery creating attractive opportunities for us and our investors. “
Mapletree owns and manages 78.7 billion Singapore dollars ($59.17 billion) of real estate globally as of March 31, 2022, which includes office space and student accommodation. In Hong Kong, its assets under management totaled S$7.5 billion.
“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 Hong, Mapletree’s regional chief executive officer for Australia and North Asia.
The Goldin Financial Global Center was seized by creditors in 2020 after the developer failed to make payments on a loan facility.
Goldin and the receivers tried to dispose of the tower on several occasions, including a provisional agreement to sell it for HK$14.3 billion in 2020 and a tender sale for HK$6.7 billion in September 2022, filings and land records said.
Goldstone Asset, jointly founded by PAG and Mapletree, signed an agreement to buy the tower in late November, land registry documents showed.
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