Samsung SDS Tower sold for US$630 mil, largest deal in South Korea to date this year
Colliers’ Asia Pacific managing supervisor of global funding industry Chris Pilgrim compliments the group’s determination and dedication that guaranteed an ideal purchaser for the prime business office space real estate. “The importance of the sale of the Samsung SDS Tower to KB Asset Management exists not only in the largest purchase value of the year, but in addition in the potential for more financial investment in prime-rate structures in the Korean target market,” Pilgrim adds in.
The transaction of the real estate– which started in the second half of last year– also marks the greatest single-asset office space deal in the Asia Pacific place already this year. The 1,071,407 sq ft real estate lies in the extended location of the Gangnam Business District.
In May, Cho’s group gained attention following their effective closure of 3 primary contracts with a combined price of US$ 780 million. These entailed the revenues of Munjeong Plaza, Donghwa Building and Namsan Green Building, and were actually the only major deals made in the main shop regions of Seoul at the moment.
The purchase is the very first significant offer that property market professional Sungwook Cho, managing supervisor and chief of funding markets of Colliers Korea, has actually accomplished from stepping into the job at the Nasdaq and Toronto Stock Exchange-listed varied skilled services and financial investment management firm in July.
Colliers sold the Samsung SDS Tower to KB Asset Management for US$ 630 million ($860 million), noting the biggest sell the South Korean industry to day this annum, according to a press release by the company on Nov 8.
In the press launch, Cho says that he is “exceptionally honored” of his team’s capabilities and dedication to seek an appropriate buyer for the huge purchase, amidst a suppressed business realty industry. “This deal has actually been taken into consideration a practical financial investment move by KB Asset Management, as it protects a stable money from Samsung SDS making use of the facility as its company headquaters. This aspect likewise assisted attract significant Korean financiers to the contract,” Cho states.