Samsung SDS Tower sold for US$630 mil, largest deal in South Korea to date this year
Colliers’ Asia Pacific operating director of global funding industry Chris Pilgrim commends the group’s determination and commitment that acquired an ideal buyer for the top commercial office property. “The importance of the sale of the Samsung SDS Tower to KB Asset Management exists not just in the greatest purchase value of the year, however also in the capacity for additional investment in prime-rate structures in the Korean current market,” Pilgrim adds.
The deal is the first significant deal that real estate industry veteran Sungwook Cho, regulating supervisor and chief of financing markets of Colliers Korea, has actually attained since stepping into the job at the Nasdaq and Toronto Stock Exchange-listed diversified experienced services and financial investment management corporation in July.
Colliers sold off the Samsung SDS Tower to KB Asset Management for US$ 630 million ($860 million), noting the biggest sell the South Korean industry to date this current year, according to a news release by the company on Nov 8.
In May, Cho’s team gained attention adhering to their effective closure of three main deals with a joined worth of US$ 780 million. These entailed the revenues of Munjeong Plaza, Donghwa Building and Namsan Green Building, and were the only significant deals made in the main market sectors of Seoul at the time.
In the press release, Cho claims that he is “extremely pleased” of his group’s capabilities and dedication to seek out an appropriate customer for the big deal, in the middle of a subdued business realty industry. “This transaction has been thought about a smart investment step by KB Asset Management, as it protects a solid cash flow from Samsung SDS using the building as its main office. This factor additionally assisted entice significant Korean entrepreneurs to the transaction,” Cho states.
The deal of the property– which began in the second half of previous year– also marks the largest single-asset workplace deal in the Asia Pacific region so far this year. The 1,071,407 sq ft estate is located in the stretched area of the Gangnam Business District.