Samsung SDS Tower sold for US$630 mil, largest deal in South Korea to date this year
The sale of the real estate– which began in the second part of previous year– also marks the largest single-asset office space purchase in the Asia Pacific place so far this year. The 1,071,407 square feet building rises in the extended place of the Gangnam Business District.
In May, Cho’s team obtained interest complying with their successful closure of three main deals with a mixed price of US$ 780 million. These involved the sales of Munjeong Plaza, Donghwa Building and Namsan Green Building, and were actually the only notable purchases built in the prime market districts of Seoul at the moment.
Colliers’ Asia Pacific managing director of global capital markets Chris Pilgrim compliments the group’s perception and perseverance that secured a suitable purchaser for the prime commercial office space real estate. “The importance of the deal of the Samsung SDS Tower to KB Asset Management lies not solely in the biggest deal worth of the year, but also in the capacity for additional investment in prime-rate structures in the Korean target market,” Pilgrim adds in.
Colliers sold off the Samsung SDS Tower to KB Asset Management for US$ 630 million ($860 million), marking the biggest trade in the South Korean industry to day this current year, according to a press release by the company on Nov 8.
The transaction is the very first significant agreement that property sector professional Sungwook Cho, regulating director and head of capital markets of Colliers Korea, has actually achieved ever since stepping into the position at the Nasdaq and Toronto Stock Exchange-listed varied professional solutions and investment management firm in July.
In the press launch, Cho claims that he is “unbelievably proud” of his team’s abilities and determination to seek a suitable customer for the large transaction, amidst a subdued business real estate market. “This deal has actually been taken into consideration a practical financial investment move by KB Asset Management, as it secures a constant cash flow from Samsung SDS using the building as its headquarters. This element likewise enabled attract significant Korean investors to the transaction,” Cho states.