{"id":341730,"date":"2023-01-12T12:05:36","date_gmt":"2023-01-12T04:05:36","guid":{"rendered":"https:\/\/www.mingtiandi.com\/?p=341730"},"modified":"2023-01-16T20:09:58","modified_gmt":"2023-01-16T12:09:58","slug":"pag-mapletree-jv-buying-hong-kongs-goldin-tower","status":"publish","type":"post","link":"https:\/\/www.mingtiandi.com\/real-estate\/finance\/pag-mapletree-jv-buying-hong-kongs-goldin-tower\/","title":{"rendered":"PAG, Mapletree Confirm $713M Buy of Hong Kong\u2019s Goldin Financial Global Centre"},"content":{"rendered":"<div id=\"attachment_341718\" style=\"width: 785px\" class=\"wp-caption alignnone\"><img decoding=\"async\" aria-describedby=\"caption-attachment-341718\" class=\"wp-image-341718 size-full\" src=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/01\/Goldin-Financial-Global-Centre-2.jpg\" alt=\"\" width=\"775\" height=\"479\" srcset=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/01\/Goldin-Financial-Global-Centre-2.jpg 775w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/01\/Goldin-Financial-Global-Centre-2-400x247.jpg 400w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/01\/Goldin-Financial-Global-Centre-2-640x396.jpg 640w\" sizes=\"(max-width: 775px) 100vw, 775px\" \/><p id=\"caption-attachment-341718\" class=\"wp-caption-text\">The 28-storey tower stands in the city&#8217;s &#8216;second CBD&#8217; of Kowloon East<\/p><\/div>\n<p>PAG and Mapletree Investments said Thursday that they have agreed to form a joint venture to acquire Hong Kong\u2019s Goldin Financial Global Centre from the property\u2019s receivers for HK$5.6 billion ($713 million), confirming a Mingtiandi report <a href=\"https:\/\/www.mingtiandi.com\/real-estate\/finance\/goldin-tower-said-selling-to-pag-mapletree-jv\/\">from last month<\/a>.<\/p>\n<p>The 50:50 JV of Hong Kong-based private equity shop PAG and Singapore\u2019s Mapletree will take charge of the Grade A office building after a series of failed tenders and cancelled sales over the past two years. Situated in Kowloon East, an area positioned as the city\u2019s second central business district, the 28-storey tower comprises 886,703 square feet (82,377 square metres) of total lettable area and boasts LEED Platinum and BEAM Plus Platinum green certifications.<\/p>\n<p style=\"text-align: center;\"><a data-no-instant=\"1\" href=\"https:\/\/ad.doubleclick.net\/ddm\/trackclk\/N6563.3378992MINGTIANDI\/B30546704.375324595;dc_trk_aid=566156183;dc_trk_cid=192150727;dc_lat=;dc_rdid=;tag_for_child_directed_treatment=;tfua=;ltd=;dc_tdv=1\" rel=\"noopener\" class=\"adv-link\" target=\"_blank\" aria-label=\"Copy of APAC_EN_Capabilities_Static_StandoutAPAC_780x250_Real Estate\"><img decoding=\"async\" src=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/10\/Copy-of-APAC_EN_Capabilities_Static_StandoutAPAC_780x250_Real-Estate.jpg\" alt=\"\"  srcset=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/10\/Copy-of-APAC_EN_Capabilities_Static_StandoutAPAC_780x250_Real-Estate.jpg 780w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/10\/Copy-of-APAC_EN_Capabilities_Static_StandoutAPAC_780x250_Real-Estate-400x128.jpg 400w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/10\/Copy-of-APAC_EN_Capabilities_Static_StandoutAPAC_780x250_Real-Estate-640x205.jpg 640w\" sizes=\"(max-width: 780px) 100vw, 780px\" width=\"780\" height=\"250\"   \/><\/a><script language='JavaScript1.1' src=\"https:\/\/ad.doubleclick.net\/ddm\/trackimpj\/N6563.3378992MINGTIANDI\/B30546704.375324595;dc_trk_aid=566156183;dc_trk_cid=192150727;ord=+ Date.now();dc_lat=;dc_rdid=;tag_for_child_directed_treatment=;tfua=;gdpr=${GDPR};gdpr_consent=${GDPR_CONSENT_755};ltd=;dc_tdv=1?\" attributionsrc ><\/script><\/p>\n<p>PAG president Jon-Paul Toppino touted the acquisition as a \u201cvery good value\u201d and a significant discount to replacement cost. The deal prices the property at around 18 percent less than the HK$6.8 billion in debt Goldin Financial had secured with the asset, with the failure to meet that obligation having led to the property being <a href=\"https:\/\/www.mingtiandi.com\/real-estate\/finance\/liquidators-take-control-of-goldin-financial-holdings\/\">seized by receivers in July 2020<\/a>.<\/p>\n<p>\u201cThis transaction further expands PAG Real Assets\u2019 footprint in Hong Kong, where we see the ongoing post-COVID recovery creating attractive opportunities for us and our investors,\u201d Toppino said <a href=\"https:\/\/www.pag.com\/en\/pag-and-mapletree-investments-to-acquire-goldin-financial-global-centre\">in a release<\/a>.<\/p>\n<h3>Finale Inches Closer<\/h3>\n<p>The latest chapter in the long-running saga comes after the receivers terminated <a href=\"https:\/\/www.mingtiandi.com\/real-estate\/finance\/hong-kongs-goldin-financial-global-centre-sold\/\">a September deal<\/a> to sell the Goldin Financial Global Centre for HK$6.7 billion after the transaction failed to complete.<\/p>\n<div id=\"attachment_341325\" style=\"width: 610px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" aria-describedby=\"caption-attachment-341325\" class=\"wp-image-341325 size-full\" src=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/01\/Jon-Paul-Toppino-of-PAG.jpg\" alt=\"PAG president Jon-Paul Toppino\" width=\"600\" height=\"340\" srcset=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/01\/Jon-Paul-Toppino-of-PAG.jpg 600w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/01\/Jon-Paul-Toppino-of-PAG-400x227.jpg 400w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/01\/Jon-Paul-Toppino-of-PAG-348x196.jpg 348w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><p id=\"caption-attachment-341325\" class=\"wp-caption-text\">PAG president Jon-Paul Toppino<\/p><\/div>\n<p>The joint venture\u2019s agreed price values the building at HK$6,316 ($809) per square foot of total lettable area, or about 16 percent less than the HK$6.7 billion deal agreed to in September with erstwhile buyer HG Real Estate Investment Hong Kong Co Ltd.<\/p>\n<p>HG <a href=\"https:\/\/www.mingtiandi.com\/real-estate\/finance\/fresh-lawsuit-filed-over-goldin-hong-kong-tower\/\">filed a lawsuit<\/a> in November claiming that the sale and purchase agreement had been terminated without cause. Representatives of the receivers did not respond to inquiries from Mingtiandi regarding the case.<\/p>\n<p style=\"text-align: center;\"><a data-no-instant=\"1\" href=\"https:\/\/www.mingtiandi.com\/real-estate\/events\/oxford-ivanhoe-kic-savills-on-singapore-india-markets\/\" rel=\"noopener\" class=\"adv-link\" target=\"_blank\" aria-label=\"14 NOVEMBER 2023 conrad centennial Singapore\"><img decoding=\"async\" src=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/14-NOVEMBER-2023-conrad-centennial-Singapore.jpg\" alt=\"\"  srcset=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/14-NOVEMBER-2023-conrad-centennial-Singapore.jpg 780w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/14-NOVEMBER-2023-conrad-centennial-Singapore-400x128.jpg 400w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/11\/14-NOVEMBER-2023-conrad-centennial-Singapore-640x205.jpg 640w\" sizes=\"(max-width: 780px) 100vw, 780px\" width=\"780\" height=\"250\"   \/><\/a><\/p>\n<p>Wong Mun Hoong, regional CEO for Australia and North Asia at Mapletree Investments, said the Temasek Holdings-owned firm seized an opportunity to boost its presence in Hong Kong, where Mapletree has S$7.5 billion ($5.6 billion) in assets under management across the logistics, office, retail and data centre sectors.<\/p>\n<p>\u201cWith 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,\u201d Wong said.<\/p>\n<h3>Confidence in Kowloon East<\/h3>\n<p>The Goldin buy marks the second time that PAG and Mapletree have worked together on a deal involving a Kowloon East office property, following the Hong Kong firm\u2019s <a href=\"https:\/\/www.mingtiandi.com\/real-estate\/finance\/pag-mapletree-bay-point\/\">nearly HK$9 billion purchase<\/a> of what was then known as Mapletree Bay Point in 2019.<\/p>\n<p>That property, which was developed by Mapletree on a site 2.2 kilometres (1.4 miles) southeast of the Goldin Financial Global Centre, won Manulife as a tenant in 2021 and was renamed Manulife Place after the Canadian insurer agreed to lease 145,000 square feet in the tower.<\/p>\n<p style=\"text-align: center;\"><a data-no-instant=\"1\" href=\"https:\/\/www.mipim-asia.com\/?utm_source=mingtiandi&#038;utm_medium=barter_website&#038;utm_campaign=mipimasia2023\" rel=\"noopener\" class=\"adv-link\" target=\"_blank\" aria-label=\"AR-607487_Mipim Asia_23_Banner Resize 780&#215;250\"><img decoding=\"async\" src=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/10\/AR-607487_Mipim-Asia_23_Banner-Resize-780x250-1.jpg\" alt=\"\"  srcset=\"https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/10\/AR-607487_Mipim-Asia_23_Banner-Resize-780x250-1.jpg 780w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/10\/AR-607487_Mipim-Asia_23_Banner-Resize-780x250-1-400x128.jpg 400w, https:\/\/www.mingtiandi.com\/wp-content\/uploads\/2023\/10\/AR-607487_Mipim-Asia_23_Banner-Resize-780x250-1-640x205.jpg 640w\" sizes=\"(max-width: 780px) 100vw, 780px\" width=\"780\" height=\"250\"   \/><\/a><\/p>\n<p>PAG Real Assets, the real estate business of PAG, has more than $10 billion in equity under management across Asia Pacific after acquiring and managing over 7,000 properties in the past two decades.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>PAG and Mapletree Investments said Thursday that they have agreed to form a joint venture to acquire Hong Kong\u2019s Goldin Financial Global Centre from the property\u2019s receivers for HK$5.6 billion ($713 million), confirming a Mingtiandi report from last month.<\/p>\n<p>The&#8230;&nbsp;<a href=\"https:\/\/www.mingtiandi.com\/real-estate\/finance\/pag-mapletree-jv-buying-hong-kongs-goldin-tower\/\">Read&nbsp;More>><\/a><\/p>\n","protected":false},"author":9671,"featured_media":341718,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[3391],"tags":[6792,5382,5359,4685,3013,694,5333,1511,1842],"ppma_author":[8847],"authors":[{"term_id":8847,"user_id":9671,"is_guest":0,"slug":"christopher-caillavet","display_name":"Christopher Caillavet","avatar_url":"https:\/\/secure.gravatar.com\/avatar\/500c291c35a85a2ad5827cf7c6d198e1?s=96&d=mm&r=g","user_url":"","last_name":"Caillavet","first_name":"Christopher","description":""}],"_links":{"self":[{"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/posts\/341730"}],"collection":[{"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/users\/9671"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/comments?post=341730"}],"version-history":[{"count":0,"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/posts\/341730\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/media\/341718"}],"wp:attachment":[{"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/media?parent=341730"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/categories?post=341730"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/tags?post=341730"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.mingtiandi.com\/wp-json\/wp\/v2\/ppma_author?post=341730"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}