Private equity firm PAG has purchased a office building in Hong Kong’s Kowloon East area. Mapletree Bay Point is home to both HSBC and WeWork.

The acquisition comes more than seven months after Singapore-based Mapletree Investments had put the 660,301 square foot property on the market, with market sources indicating that the transaction was priced at or below $1.1 billion.

Blackstone backed PAG in the acquisition of property. PAG has agreed to the purchase of the property. Hong Kong-based firm has reached an agreement with the acquisition funds obtained from the second core plus / value-added real estate fund.

Mapletree Bay Point is a Grade A office building with retail facilities located at 348 Kwun Tong Road. The office building offers ab open greenery plaza to public along the Kwun Tong Road. The design of the development has taken a holistic approach which is based on a minimalistic funtional philosophy.

Source: Mingtiandi

Fulya Altunyay/ [email protected]