HONG KONG – Macquarie Global Property Advisors (MGPA) has acquired the Low Block, Grand Millennium Plaza in Central, Hong Kong from GIC Real Estate for HK$2,375 million on behalf of MGP Fund II.

The acquisition of this property brings the combined value of properties acquired in Asia on behalf of MGP Fund II to over US$1 billion. 

Grand Millennium Plaza comprises two office towers (known as the High Block and the Low Block).  The Low Block is a 29 storey office building with a retail podium with a combined gross leaseable area of 383,091 sq ft. 

MGPA Head of Corporate Finance Asia, Brett Straatemeier said, “The excellent growth prospects in the Hong Kong economy combined with the fact that the rental market in the office and retail sectors are going from strength to strength make this a very exciting long term investment.”

Grand Millennium Plaza is located within two minutes walk of Vicwood Plaza which the Fund acquired in March.  The Fund has also acquired an office building in Korea and made four investments in Japan which cover the office, retail and residential sectors.     

 “We continue to see excellent opportunities within the Asian market and we anticipate making announcements about further acquisitions in the near future,” said Mr Straatemeier.