Samsung SDS Tower sold for US$630 mil, largest deal in South Korea to date this year
The deal of the building– which started in the 2nd half of past year– also marks the biggest single-asset office space deal in the Asia Pacific area already this year. The 1,071,407 sq ft estate stands in the extended location of the Gangnam Business District.
The purchase is the first major deal that realty market expert Sungwook Cho, handling executive and head of funding markets of Colliers Korea, has actually achieved from entering the job at the Nasdaq and Toronto Stock Exchange-listed diversified skilled solutions and financial investment management company in July.
Colliers’ Asia Pacific operating director of global resources industry Chris Pilgrim compliments the team’s perception and commitment that guaranteed a suitable buyer for the prime commercial office space real estate. “The importance of the transaction of the Samsung SDS Tower to KB Asset Management sits not solely in the biggest deal price of the year, yet in addition in the possibility for additional investment in prime-rate structures in the Korean marketplace,” Pilgrim adds.
In May, Cho’s group got awareness complying with their successful closure of three major contracts with a combined worth of US$ 780 million. These entailed the revenues of Munjeong Plaza, Donghwa Building and Namsan Green Building, and were the only major deals created in the prime market areas of Seoul at the moment.
In the media release, Cho states that he is “extremely proud” of his team’s abilities and commitment to seek an ideal customer for the large deal, amid a suppressed industrial real estate market. “This deal has actually been considered a wise investment action by KB Asset Management, as it protects a reliable cash flow from Samsung SDS using the facility as its head office. This element also really helped bring in significant Korean capitalists to the deal,” Cho states.
Colliers marketed the Samsung SDS Tower to KB Asset Management for US$ 630 million ($860 million), marking the biggest sell the South Korean market to date this year, according to a news release by the firm on Nov 8.