Samsung SDS Tower sold for US$630 mil, largest deal in South Korea to date this year
The sale of the property– which began in the second half of last year– also notes the biggest single-asset office space purchase in the Asia Pacific area thus far this year. The 1,071,407 sq ft real estate stands in the stretched place of the Gangnam Business District.
The transaction is the very first major deal that real estate sector professional Sungwook Cho, managing director and head of funding markets of Colliers Korea, has actually accomplished ever since entering the duty at the Nasdaq and Toronto Stock Exchange-listed varied experienced solutions and investment administration company in July.
In the press launch, Cho says that he is “exceptionally honored” of his group’s potentials and commitment to seek a suitable purchaser for the large deal, amidst a restrained industrial realty industry. “This transaction has actually been thought about a smart financial investment move by KB Asset Management, as it protects a steady money from Samsung SDS making use of the establishment as its main office. This variable additionally enabled bring in major Korean entrepreneurs to the transaction,” Cho claims.
Colliers marketed the Samsung SDS Tower to KB Asset Management for US$ 630 million ($860 million), viewing the largest trade in the South Korean market to date this year, according to an announcement by the company on Nov 8.
In May, Cho’s team gained awareness complying with their successful closure of 3 major contracts with a merged price of US$ 780 million. These entailed the revenues of Munjeong Plaza, Donghwa Building and Namsan Green Building, and were the only major transactions created in the major business districts of Seoul at the time.
Colliers’ Asia Pacific managing director of international resources industry Chris Pilgrim commends the group’s measurement and dedication that guaranteed an appropriate customer for the top business office space real estate. “The relevance of the transaction of the Samsung SDS Tower to KB Asset Management exists not only in the greatest transaction price of the year, yet even in the capacity for additional financial investment in prime-rate structures in the Korean marketplace,” Pilgrim adds.