Samsung SDS Tower sold for US$630 mil, largest deal in South Korea to date this year
The purchase is the very first primary deal that property industry veteran Sungwook Cho, handling director and chief of funding markets of Colliers Korea, has actually achieved since stepping into the job at the Nasdaq and Toronto Stock Exchange-listed diversified experienced services and financial investment administration company in July.
Colliers sold off the Samsung SDS Tower to KB Asset Management for US$ 630 million ($860 million), noting the biggest sell the South Korean market to date this year, according to a press release by the business on Nov 8.
Colliers’ Asia Pacific operating director of worldwide resources industry Chris Pilgrim applauds the team’s determination and commitment that guaranteed a suitable customer for the top business office real estate. “The value of the deal of the Samsung SDS Tower to KB Asset Management exists not only in the largest deal price of the year, but in addition in the possibility for additional financial investment in prime-rate buildings in the Korean target market,” Pilgrim adds in.
In May, Cho’s group obtained awareness complying with their successful closure of three primary transactions with a combined market value of US$ 780 million. These entailed the profits of Munjeong Plaza, Donghwa Building and Namsan Green Building, and were actually the only significant deals created in the main shop regions of Seoul at the moment.
The transaction of the real estate– which started in the second part of past year– also notes the largest single-asset office space purchase in the Asia Pacific area so far this year. The 1,071,407 square feet real estate lies in the expanded location of the Gangnam Business District.
In the press launch, Cho claims that he is “incredibly pleased” of his team’s abilities and determination to look for an appropriate buyer for the big deal, amidst a suppressed industrial property market. “This exchange has actually been considered a smart investment move by KB Asset Management, as it secures a consistent money from Samsung SDS making use of the facility as its head office. This aspect additionally really helped draw in significant Korean investors to the contract,” Cho states.