Samsung SDS Tower sold for US$630 mil, largest deal in South Korea to date this year
The transaction is the first major agreement that property industry expert Sungwook Cho, regulating director and chief of financing markets of Colliers Korea, has actually achieved from entering the job at the Nasdaq and Toronto Stock Exchange-listed varied professional solutions and financial investment management corporation in July.
In May, Cho’s group acquired attention following their successful closure of 3 major offers with a merged value of US$ 780 million. These entailed the profits of Munjeong Plaza, Donghwa Building and Namsan Green Building, and were actually the only notable transactions made in the major market areas of Seoul at the moment.
Colliers’ Asia Pacific operating executive of global funding industry Chris Pilgrim commends the group’s determination and perseverance that acquired an ideal customer for the prime commercial workplace real estate. “The relevance of the transaction of the Samsung SDS Tower to KB Asset Management sits not just in the largest deal value of the year, but in addition in the capacity for additional financial investment in prime-rate structures in the Korean marketplace,” Pilgrim adds.
Colliers sold the Samsung SDS Tower to KB Asset Management for US$ 630 million ($860 million), marking the most extensive sell the South Korean market to day this annum, according to a press release by the firm on Nov 8.
The transaction of the building– which started in the 2nd half of past year– also registers the biggest single-asset office space deal in the Asia Pacific area already this year. The 1,071,407 square feet estate rises in the stretched location of the Gangnam Business District.
In the media release, Cho states that he is “incredibly honored” of his group’s abilities and dedication to seek out an appropriate customer for the huge transaction, amidst a suppressed industrial property market. “This proceeding has been thought about a wise investment step by KB Asset Management, as it secures a consistent money from Samsung SDS utilizing the establishment as its company headquaters. This element likewise really helped bring in significant Korean entrepreneurs to the deal,” Cho claims.