Samsung SDS Tower sold for US$630 mil, largest deal in South Korea to date this year
The deal of the property– which started in the second part of past year– also notes the greatest single-asset office space transaction in the Asia Pacific region already this year. The 1,071,407 square feet property lies in the stretched place of the Gangnam Business District.
Colliers sold the Samsung SDS Tower to KB Asset Management for US$ 630 million ($860 million), noting the largest sell the South Korean market to day this current year, according to an announcement by the business on Nov 8.
Colliers’ Asia Pacific managing supervisor of global capital markets Chris Pilgrim commends the group’s determination and commitment that guaranteed an ideal customer for the top commercial workplace asset. “The significance of the sale of the Samsung SDS Tower to KB Asset Management sits not solely in the largest transaction price of the year, but also in the capacity for additional financial investment in prime-rate buildings in the Korean target market,” Pilgrim adds.
In the press release, Cho says that he is “exceptionally proud” of his group’s abilities and devotion to seek out an ideal buyer for the huge purchase, in the middle of a restrained business property industry. “This exchange has been considered a wise financial investment action by KB Asset Management, as it protects a stable cash flow from Samsung SDS using the establishment as its headquarters. This factor also assisted entice significant Korean capitalists to the deal,” Cho states.
In May, Cho’s group acquired interest complying with their effective closure of three primary deals with a combined price of US$ 780 million. These entailed the sales of Munjeong Plaza, Donghwa Building and Namsan Green Building, and were actually the only major deals built in the main business districts of Seoul at the moment.
The transaction is the initial primary deal that real estate sector veteran Sungwook Cho, managing supervisor and head of funding markets of Colliers Korea, has actually achieved since entering the position at the Nasdaq and Toronto Stock Exchange-listed diversified experienced services and financial investment management company in July.