Samsung SDS Tower sold for US$630 mil, largest deal in South Korea to date this year
The purchase is the very first primary offer that real estate market professional Sungwook Cho, managing executive and director of financing markets of Colliers Korea, has attained from entering the role at the Nasdaq and Toronto Stock Exchange-listed varied skilled services and investment management corporation in July.
In the media launch, Cho states that he is “exceptionally happy” of his group’s potentials and dedication to look for an ideal buyer for the huge purchase, amid a restrained industrial realty industry. “This exchange has actually been considered a practical financial investment step by KB Asset Management, as it secures a constant money from Samsung SDS using the establishment as its headquarters. This variable also helped attract major Korean financiers to the transaction,” Cho claims.
Colliers sold off the Samsung SDS Tower to KB Asset Management for US$ 630 million ($860 million), viewing the biggest trade in the South Korean market to date this year, according to an announcement by the company on Nov 8.
The transaction of the building– which began in the 2nd part of last year– also registers the greatest single-asset office purchase in the Asia Pacific region thus far this year. The 1,071,407 sq ft building is located in the extended place of the Gangnam Business District.
Colliers’ Asia Pacific operating supervisor of worldwide resources industry Chris Pilgrim applauds the team’s perception and commitment that acquired a suitable customer for the prime business workplace building. “The importance of the transaction of the Samsung SDS Tower to KB Asset Management exists not solely in the biggest transaction price of the year, but also in the capacity for more financial investment in prime-rate buildings in the Korean target market,” Pilgrim adds.
In May, Cho’s team got awareness complying with their successful closure of 3 major deals with a mixed price of US$ 780 million. These included the revenues of Munjeong Plaza, Donghwa Building and Namsan Green Building, and were actually the only significant purchases built in the prime business areas of Seoul during the time.