Samsung SDS Tower sold for US$630 mil, largest deal in South Korea to date this year
The deal of the building– which started in the second half of past year– also registers the largest single-asset office space purchase in the Asia Pacific place already this year. The 1,071,407 square feet building stands in the expanded place of the Gangnam Business District.
Colliers’ Asia Pacific handling director of global capital markets Chris Pilgrim applauds the group’s measurement and dedication that guaranteed an appropriate buyer for the prime commercial office property. “The importance of the transaction of the Samsung SDS Tower to KB Asset Management exists not just in the biggest purchase value of the year, however even in the possibility for further financial investment in prime-rate buildings in the Korean marketplace,” Pilgrim adds in.
In the press release, Cho states that he is “unbelievably happy” of his group’s capabilities and devotion to seek out an appropriate purchaser for the large deal, amid a subdued commercial property market. “This deal has been taken into consideration a practical investment step by KB Asset Management, as it secures a reliable money from Samsung SDS making use of the building as its company headquaters. This factor additionally enabled draw in major Korean capitalists to the arrangement,” Cho claims.
The purchase is the initial significant offer that realty sector expert Sungwook Cho, handling supervisor and director of capital markets of Colliers Korea, has accomplished from entering the role at the Nasdaq and Toronto Stock Exchange-listed diversified skilled services and investment administration firm in July.
In May, Cho’s team acquired attention following their outstanding closure of three significant transactions with a mixed price of US$ 780 million. These included the sales of Munjeong Plaza, Donghwa Building and Namsan Green Building, and were actually the only notable deals created in the major shop districts of Seoul at the moment.
Colliers sold the Samsung SDS Tower to KB Asset Management for US$ 630 million ($860 million), marking the biggest sell the South Korean market to day this year, according to a news release by the firm on Nov 8.