Samsung SDS Tower sold for US$630 mil, largest deal in South Korea to date this year
Colliers’ Asia Pacific handling director of international capital markets Chris Pilgrim applauds the group’s perception and commitment that acquired an ideal customer for the top business office space asset. “The significance of the deal of the Samsung SDS Tower to KB Asset Management exists not only in the largest deal value of the year, however also in the possibility for more investment in prime-rate buildings in the Korean marketplace,” Pilgrim adds.
The deal is the initial primary deal that property sector expert Sungwook Cho, managing supervisor and chief of funding markets of Colliers Korea, has actually achieved since entering the job at the Nasdaq and Toronto Stock Exchange-listed varied professional services and financial investment administration company in July.
Colliers marketed the Samsung SDS Tower to KB Asset Management for US$ 630 million ($860 million), noting the most extensive trade in the South Korean industry to day this current year, according to a news release by the firm on Nov 8.
In May, Cho’s team gained attention adhering to their effective closure of 3 main contracts with a combined worth of US$ 780 million. These included the sales of Munjeong Plaza, Donghwa Building and Namsan Green Building, and were actually the only significant deals made in the main market sectors of Seoul at the time.
In the media launch, Cho says that he is “exceptionally pleased” of his team’s abilities and dedication to seek out a suitable buyer for the huge deal, in the middle of a suppressed industrial property market. “This deal has actually been considered a practical financial investment action by KB Asset Management, as it secures a constant capital from Samsung SDS utilizing the building as its main office. This factor additionally enabled draw in major Korean investors to the arrangement,” Cho says.
The transaction of the real estate– which started in the second half of last year– also notes the largest single-asset workplace deal in the Asia Pacific place already this year. The 1,071,407 square feet building rises in the extended location of the Gangnam Business District.