Hines acquires KRW320 bil office building in Seoul
US-based international realty investment supervisor Hines has attained an office complex in Seoul, South Korea, the firm revealed on Oct 14.
Situated at 179 Seongam-ro, Mapo-gu, Seoul, the office complex occupies over 710,418 sq ft across 22 storeys. It is located in Seoul’s Digital Media City, which is home to South Korea’s largest media and broadcasting business.
Hines has actually apparently acquired 87% of the preferred shares in Gravity General Private Real Estate Investment Firm No. 8.
The establishment was purchased from Hanssem, one of the leading household furniture producers in South Korea. Hanssem will maintain its head office at the establishment following a long-term lease.
Harry Lee, state head of South Korea at Hines, says that Seoul offices continue to be just one of Hines’ high certainty locations. He includes: “Granted the building’s spot and solid leasing elements, we’re affirmative concerning the valuation the asset can give both investors and office tenants.”
“Hines views sustainability as a valuation creation approach. Energy efficiency gauges lessen operational expenses, and catering to lessee wellness has actually been good for renting. We’re confident that Hanssem will be another sample of how we’re able to reproduce success,” Lee says.
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This is Hines’ second office financial investment in the nation. In June 2022, the company got the 322,917 sq ft Westgate Tower office building in Seoul’s CBD.
Hines intends to achieve the LEED Operation and Maintenance Gold certificate by boosting its sustainability performance. LEED sets for Leadership in Energy and Environmental Design, an internationally utilized eco-friendly structure ranking system.
While Hines did not disclose the financial terms of the arrangement, numerous Korean news outlets disclosed in August that the property had actually been yielded KRW320 billion ($ 308 million) to Gravity General Private Realty Investment Firm No. 8, a unit following Korean investment company Gravity Asset Management.
