Hines acquires KRW320 bil office building in Seoul
The establishment was purchased from Hanssem, one of the biggest furniture producers in South Korea. Hanssem will preserve its head office at the establishment under an extensive lease.
This is Hines’ 2nd office investment in the nation. In June 2022, the company obtained the 322,917 sq ft Westgate Tower office complex in Seoul’s CBD.
Found at 179 Seongam-ro, Mapo-gu, Seoul, the office complex inhabits over 710,418 sq ft throughout 22 floors. It is situated in Seoul’s Digital Media City, which is home to South Korea’s biggest media and broadcasting firms.
Hines has already reportedly acquired 87% of the participating preferred stock in Gravity General Private Realty Investment Company No. 8.
“Hines views sustainability as a valuation creation method. Energy efficiency measures minimize serviceable fees, and catering to tenant wellness has actually been good for leasing. We’re confident that Hanssem will likely be another example of how we’re able to replicate results,” Lee says.
While Hines did not disclose the economic conditions of the deal, several Korean news channels disclosed in August that the building had actually been yielded KRW320 billion ($ 308 million) to Gravity General Private Real Estate Investment Firm No. 8, a unit following Korean investment firm Gravity Asset Management.
US-based global realty assets manager Hines has already acquired an office complex in Seoul, South Korea, the firm released on Oct 14.
Hines intends to achieve the LEED Operation and Maintenance Gold license by boosting its sustainability performance. LEED sets for Leadership in Energy and Environmental Design, an internationally utilized green building ranking system.
Harry Lee, country head of South Korea at Hines, says that Seoul workplaces remain to be just one of Hines’ high sureness areas. He adds: “Granted the structure’s spot and good leasing elements, we’re affirmative regarding the price the property can bring to both financiers and business office renters.”
