Samsung SDS Tower sold for US$630 mil, largest deal in South Korea to date this year
The transaction of the real estate– which started in the second part of last year– also registers the largest single-asset office space transaction in the Asia Pacific region so far this year. The 1,071,407 square feet estate stands in the expanded area of the Gangnam Business District.
Colliers’ Asia Pacific managing director of global resources industry Chris Pilgrim applauds the team’s perception and perseverance that obtained an appropriate purchaser for the prime commercial workplace property. “The relevance of the deal of the Samsung SDS Tower to KB Asset Management exists not only in the biggest transaction value of the year, however even in the possibility for further investment in prime-rate buildings in the Korean marketplace,” Pilgrim adds.
The deal is the very first significant agreement that real estate market expert Sungwook Cho, handling supervisor and chief of capital markets of Colliers Korea, has accomplished from stepping into the duty at the Nasdaq and Toronto Stock Exchange-listed diversified experienced services and financial investment management company in July.
In May, Cho’s team got attention adhering to their effective closure of 3 significant transactions with a joined market value of US$ 780 million. These included the revenues of Munjeong Plaza, Donghwa Building and Namsan Green Building, and were the only major transactions made in the prime shop areas of Seoul at the time.
In the press launch, Cho says that he is “exceptionally honored” of his team’s abilities and determination to seek out an appropriate customer for the large purchase, in the middle of a restrained commercial real estate industry. “This transaction has actually been thought about a smart investment step by KB Asset Management, as it protects a reliable money from Samsung SDS using the building as its main office. This variable additionally enabled bring in major Korean capitalists to the arrangement,” Cho says.
Colliers sold off the Samsung SDS Tower to KB Asset Management for US$ 630 million ($860 million), noting the most extensive sell the South Korean industry to date this year, according to a news release by the company on Nov 8.