Hines acquires KRW320 bil office building in Seoul
Harry Lee, country head of South Korea at Hines, says that Seoul offices remain to be among Hines’ high conviction locations. He includes: “Given the building’s site and solid leasing components, we’re affirmative concerning the valuation the property can offer either financiers and workplace tenants.”
Hines plans to accomplish the LEED Operation and Maintenance Gold certificate by enhancing its sustainability efficiency. LEED stands for Leadership in Energy and Environmental Design, an around the world made use of eco-friendly building rating system.
While Hines did not display the monetary terms of the transaction, numerous Korean news outlets revealed in August that the structure had actually been brought KRW320 billion ($ 308 million) to Gravity General Private Real Estate Investment Company No. 8, a unit under Korean investment company Gravity Asset Management.
North Gaia Sing Holdings Limited
“Hines views sustainability as a market value creation method. Energy efficiency marks minimize operational costs, and catering to tenant wellness has been good for leasing. We’re positive that Hanssem is going to be another good example of exactly how we have the ability to duplicate results,” Lee states.
This is Hines’ 2nd workplace investment in the nation. In June 2022, the firm acquired the 322,917 sq ft Westgate Tower office complex in Seoul’s CBD.
US-based multinational realty investment supervisor Hines has recently obtained an office building in Seoul, South Korea, the company publicized on Oct 14.
Situated at 179 Seongam-ro, Mapo-gu, Seoul, the office complex inhabits over 710,418 sq ft throughout 22 floors. It is positioned in Seoul’s Digital Media City, which is home to South Korea’s largest media and broadcasting business.
Hines has already reportedly gotten 87% of the preferred shares in Gravity General Private Realty Investment Firm No. 8.
The structure was purchased from Hanssem, one of the leading household furniture makers in South Korea. Hanssem will maintain its headquarters at the establishment under a long-term lease.
