Samsung SDS Tower sold for US$630 mil, largest deal in South Korea to date this year
The transaction of the building– which started in the 2nd half of previous year– also notes the largest single-asset office deal in the Asia Pacific area thus far this year. The 1,071,407 sq ft real estate stands in the extended place of the Gangnam Business District.
Colliers sold the Samsung SDS Tower to KB Asset Management for US$ 630 million ($860 million), marking the biggest trade in the South Korean market to date this year, according to a news release by the company on Nov 8.
The deal is the first primary deal that realty industry expert Sungwook Cho, regulating director and chief of funding markets of Colliers Korea, has actually attained since stepping into the job at the Nasdaq and Toronto Stock Exchange-listed diversified skilled solutions and investment management company in July.
In the media release, Cho claims that he is “exceptionally happy” of his group’s abilities and dedication to choose an appropriate buyer for the huge purchase, in the middle of a controlled business real estate market. “This exchange has actually been thought about a smart financial investment move by KB Asset Management, as it secures a stable money from Samsung SDS utilizing the establishment as its headquarters. This factor also enabled draw in significant Korean capitalists to the arrangement,” Cho states.
Colliers’ Asia Pacific managing supervisor of international resources industry Chris Pilgrim compliments the team’s perception and dedication that secured an ideal customer for the prime business office space property. “The relevance of the deal of the Samsung SDS Tower to KB Asset Management exists not solely in the greatest deal value of the year, yet also in the possibility for additional investment in prime-rate buildings in the Korean target market,” Pilgrim includes.
In May, Cho’s group obtained attention adhering to their outstanding closure of 3 main offers with a mixed market value of US$ 780 million. These included the profits of Munjeong Plaza, Donghwa Building and Namsan Green Building, and were the only major deals built in the main business areas of Seoul at the moment.
