Samsung SDS Tower sold for US$630 mil, largest deal in South Korea to date this year
The sale of the property– which started in the 2nd part of last year– also registers the greatest single-asset workplace purchase in the Asia Pacific area already this year. The 1,071,407 square feet real estate lies in the extended location of the Gangnam Business District.
In May, Cho’s team got interest adhering to their effective closure of three main transactions with a combined market value of US$ 780 million. These involved the profits of Munjeong Plaza, Donghwa Building and Namsan Green Building, and were actually the only significant transactions built in the main shop areas of Seoul at the moment.
The transaction is the first primary agreement that real estate sector expert Sungwook Cho, handling executive and director of capital markets of Colliers Korea, has actually accomplished ever since entering the duty at the Nasdaq and Toronto Stock Exchange-listed varied experienced solutions and financial investment administration corporation in July.
Colliers’ Asia Pacific operating director of worldwide funding markets Chris Pilgrim applauds the team’s determination and commitment that obtained a suitable purchaser for the prime commercial workplace real estate. “The relevance of the sale of the Samsung SDS Tower to KB Asset Management sits not only in the largest purchase price of the year, however in addition in the capacity for more financial investment in prime-rate structures in the Korean current market,” Pilgrim adds.
In the media launch, Cho states that he is “exceptionally happy” of his team’s abilities and commitment to seek out a suitable buyer for the big deal, amidst a subdued industrial property market. “This proceeding has been taken into consideration a wise financial investment action by KB Asset Management, as it secures a constant money from Samsung SDS using the establishment as its headquarters. This aspect also helped attract significant Korean capitalists to the arrangement,” Cho says.
Colliers marketed the Samsung SDS Tower to KB Asset Management for US$ 630 million ($860 million), viewing the most extensive sell the South Korean industry to date this current year, according to a news release by the company on Nov 8.