Samsung SDS Tower sold for US$630 mil, largest deal in South Korea to date this year
The deal is the initial major agreement that real estate sector expert Sungwook Cho, regulating executive and chief of financing markets of Colliers Korea, has actually attained since entering the job at the Nasdaq and Toronto Stock Exchange-listed diversified experienced services and investment management firm in July.
In May, Cho’s group got attention adhering to their successful closure of three primary offers with a mixed worth of US$ 780 million. These involved the revenues of Munjeong Plaza, Donghwa Building and Namsan Green Building, and were the only notable deals created in the major business areas of Seoul at the time.
Colliers’ Asia Pacific managing director of global capital markets Chris Pilgrim commends the group’s perception and commitment that acquired a suitable buyer for the prime commercial office space real estate. “The relevance of the transaction of the Samsung SDS Tower to KB Asset Management sits not only in the greatest transaction price of the year, but even in the possibility for additional investment in prime-rate structures in the Korean target market,” Pilgrim adds in.
The sale of the real estate– which started in the 2nd half of last year– also notes the greatest single-asset workplace purchase in the Asia Pacific place so far this year. The 1,071,407 square feet real estate lies in the extended place of the Gangnam Business District.
Colliers sold the Samsung SDS Tower to KB Asset Management for US$ 630 million ($860 million), viewing the biggest trade in the South Korean industry to day this annum, according to a press release by the company on Nov 8.
In the media launch, Cho states that he is “incredibly proud” of his team’s capabilities and devotion to look for a suitable purchaser for the huge transaction, amidst a controlled commercial real estate industry. “This deal has actually been taken into consideration a practical investment step by KB Asset Management, as it safeguards a solid cash flow from Samsung SDS making use of the establishment as its headquarters. This aspect additionally really helped draw in significant Korean entrepreneurs to the transaction,” Cho claims.