Hines acquires KRW320 bil office building in Seoul
Hines prepares to achieve the LEED Operation and Maintenance Gold certificate by boosting its sustainability efficiency. LEED ranks for Leadership in Energy and Environmental Design, a worldwide used environment-friendly structure score system.
While Hines did not disclose the economic terms of the arrangement, multiple Korean news channels revealed in August that the structure had been yielded KRW320 billion ($ 308 million) to Gravity General Private Real Estate Investment Company No. 8, a unit following Korean investment company Gravity Asset Management.
The building was bought from Hanssem, one of the largest household furniture manufacturers in South Korea. Hanssem will keep its head office at the property following an extended lease.
“Hines sees sustainability as a market value creation approach. Energy conservation gauges lessen serviceable expenses, and catering to tenant wellness has actually been good for leasing. We’re certain that Hanssem will likely be another sample of how we’re able to replicate success,” Lee claims.
Hines has apparently gotten 87% of the preferred shares in Gravity General Private Property Investment Company No. 8.
Situated at 179 Seongam-ro, Mapo-gu, Seoul, the office building utilizes over 710,418 sq ft all over 22 floors. It is positioned in Seoul’s Digital Media City, which is home to South Korea’s largest media and broadcasting firms.
This is Hines’ second office financial investment in the country. In June 2022, the firm acquired the 322,917 sq ft Westgate Tower office complex in Seoul’s CBD.
Harry Lee, country head of South Korea at Hines, states that Seoul offices continue to be just one of Hines’ high conviction locations. He adds: “Given the building’s location and good leasing components, we’re positive concerning the price the possession can give both financiers and office lessees.”
US-based international property assets supervisor Hines has recently obtained an office building in Seoul, South Korea, the business revealed on Oct 14.
