Hines acquires KRW320 bil office building in Seoul
Hines has reportedly gotten 87% of the participating preferred stock in Gravity General Private Property Investment Firm No. 8.
Found at 179 Seongam-ro, Mapo-gu, Seoul, the office complex takes up over 710,418 sq ft across 22 storeys. It is positioned in Seoul’s Digital Media City, which is home to South Korea’s largest media and broadcasting firms.
US-based multinational realty investment supervisor Hines has gotten an office complex in Seoul, South Korea, the company revealed on Oct 14.
While Hines did not publish the financial conditions of the arrangement, several Korean reports channels revealed in August that the building had been yielded KRW320 billion ($ 308 million) to Gravity General Private Realty Investment Firm No. 8, a unit under Korean investment company Gravity Asset Management.
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Hines intends to attain the LEED Operation and Maintenance Gold license by enhancing its sustainability efficiency. LEED stands for Leadership in Energy and Environmental Design, a worldwide made use of eco-friendly establishment rating system.
The building was bought from Hanssem, one of the biggest household furniture makers in South Korea. Hanssem will maintain its main office at the property following an extended lease.
“Hines sees sustainability as a value creation approach. Energy efficiency marks reduce operational costs, and catering to lessee wellness has actually benefited renting. We’re certain that Hanssem will likely be another good example of exactly how we’re able to duplicate success,” Lee states.
This is Hines’ 2nd workplace financial investment in the nation. In June 2022, the firm obtained the 322,917 sq ft Westgate Tower office complex in Seoul’s CBD.
Harry Lee, state head of South Korea at Hines, states that Seoul offices remain to be just one of Hines’ high certainty areas. He includes: “Given the building’s spot and good leasing fundamentals, we’re positive regarding the price the property can offer both investors and workplace renters.”
