Samsung SDS Tower sold for US$630 mil, largest deal in South Korea to date this year
The sale of the property– which started in the 2nd half of last year– also notes the biggest single-asset office space purchase in the Asia Pacific area already this year. The 1,071,407 sq ft real estate stands in the stretched place of the Gangnam Business District.
The deal is the initial significant deal that property sector professional Sungwook Cho, managing supervisor and director of financing markets of Colliers Korea, has achieved since entering the duty at the Nasdaq and Toronto Stock Exchange-listed diversified professional services and financial investment management corporation in July.
Colliers sold the Samsung SDS Tower to KB Asset Management for US$ 630 million ($860 million), viewing the largest sell the South Korean industry to date this year, according to a news release by the business on Nov 8.
In May, Cho’s group got awareness adhering to their effective closure of 3 major contracts with a mixed worth of US$ 780 million. These involved the sales of Munjeong Plaza, Donghwa Building and Namsan Green Building, and were the only major deals made in the prime shop regions of Seoul at the time.
In the media launch, Cho says that he is “exceptionally proud” of his group’s capabilities and determination to look for an appropriate customer for the big purchase, amid a subdued industrial real estate industry. “This proceeding has actually been taken into consideration a wise investment move by KB Asset Management, as it safeguards a stable capital from Samsung SDS making use of the establishment as its company headquaters. This element also assisted attract major Korean capitalists to the deal,” Cho says.
Colliers’ Asia Pacific managing director of global resources markets Chris Pilgrim compliments the team’s perception and dedication that obtained an appropriate buyer for the top commercial office space building. “The relevance of the deal of the Samsung SDS Tower to KB Asset Management sits not solely in the largest transaction worth of the year, but even in the capacity for additional investment in prime-rate structures in the Korean target market,” Pilgrim puts in.