Samsung SDS Tower sold for US$630 mil, largest deal in South Korea to date this year
The transaction of the real estate– which began in the second half of past year– also registers the largest single-asset office space purchase in the Asia Pacific area already this year. The 1,071,407 square feet property is located in the extended place of the Gangnam Business District.
Colliers sold off the Samsung SDS Tower to KB Asset Management for US$ 630 million ($860 million), marking the most extensive sell the South Korean market to date this annum, according to an announcement by the company on Nov 8.
The deal is the very first major agreement that realty sector professional Sungwook Cho, regulating executive and director of funding markets of Colliers Korea, has accomplished from entering the position at the Nasdaq and Toronto Stock Exchange-listed varied experienced solutions and investment administration firm in July.
In the media release, Cho says that he is “exceptionally happy” of his group’s potentials and commitment to seek out a suitable customer for the huge deal, amid a suppressed business realty market. “This proceeding has actually been thought about a wise financial investment action by KB Asset Management, as it secures a solid money from Samsung SDS utilizing the building as its main office. This element additionally really helped bring in significant Korean capitalists to the arrangement,” Cho states.
In May, Cho’s team obtained awareness following their successful closure of three main contracts with a combined value of US$ 780 million. These involved the sales of Munjeong Plaza, Donghwa Building and Namsan Green Building, and were the only major transactions created in the prime market sectors of Seoul at the moment.
Colliers’ Asia Pacific operating director of global funding industry Chris Pilgrim compliments the group’s determination and commitment that secured an appropriate buyer for the top business office space real estate. “The significance of the deal of the Samsung SDS Tower to KB Asset Management lies not just in the greatest deal value of the year, but even in the possibility for additional financial investment in prime-rate buildings in the Korean target market,” Pilgrim includes.