Samsung SDS Tower sold for US$630 mil, largest deal in South Korea to date this year
The transaction of the real estate– which started in the second half of last year– also notes the largest single-asset office space purchase in the Asia Pacific area already this year. The 1,071,407 square feet property is located in the expanded place of the Gangnam Business District.
In the media launch, Cho states that he is “incredibly proud” of his team’s abilities and dedication to look for a suitable customer for the big purchase, in the middle of a suppressed business real estate market. “This exchange has been considered a smart investment action by KB Asset Management, as it secures a consistent capital from Samsung SDS making use of the establishment as its company headquaters. This variable likewise really helped bring in major Korean financiers to the deal,” Cho states.
The purchase is the first significant deal that property industry professional Sungwook Cho, managing executive and chief of funding markets of Colliers Korea, has achieved since entering the duty at the Nasdaq and Toronto Stock Exchange-listed diversified professional services and investment management firm in July.
In May, Cho’s group obtained interest complying with their effective closure of three major deals with a combined worth of US$ 780 million. These entailed the revenues of Munjeong Plaza, Donghwa Building and Namsan Green Building, and were actually the only major purchases built in the main business sectors of Seoul at the time.
Colliers marketed the Samsung SDS Tower to KB Asset Management for US$ 630 million ($860 million), viewing the largest trade in the South Korean industry to date this current year, according to a news release by the business on Nov 8.
Colliers’ Asia Pacific handling director of global capital markets Chris Pilgrim compliments the team’s perception and perseverance that acquired an appropriate purchaser for the top business office space asset. “The significance of the deal of the Samsung SDS Tower to KB Asset Management sits not solely in the biggest purchase value of the year, however also in the capacity for additional investment in prime-rate structures in the Korean current market,” Pilgrim adds.