Samsung SDS Tower sold for US$630 mil, largest deal in South Korea to date this year
The deal is the very first primary offer that property market expert Sungwook Cho, regulating executive and head of funding markets of Colliers Korea, has actually accomplished from stepping into the duty at the Nasdaq and Toronto Stock Exchange-listed varied professional services and financial investment administration firm in July.
Colliers’ Asia Pacific managing supervisor of global resources markets Chris Pilgrim applauds the team’s determination and dedication that obtained an ideal buyer for the top commercial office space asset. “The relevance of the deal of the Samsung SDS Tower to KB Asset Management lies not only in the largest transaction price of the year, but even in the capacity for further investment in prime-rate structures in the Korean current market,” Pilgrim includes.
Colliers marketed the Samsung SDS Tower to KB Asset Management for US$ 630 million ($860 million), noting the most extensive trade in the South Korean market to date this annum, according to a news release by the business on Nov 8.
In May, Cho’s team acquired attention complying with their effective closure of 3 major transactions with a merged worth of US$ 780 million. These included the revenues of Munjeong Plaza, Donghwa Building and Namsan Green Building, and were actually the only significant purchases made in the major market regions of Seoul at the time.
In the media launch, Cho says that he is “incredibly proud” of his group’s abilities and devotion to seek out an ideal customer for the huge deal, in the middle of a subdued business real estate market. “This deal has actually been considered a practical financial investment move by KB Asset Management, as it protects a solid cash flow from Samsung SDS making use of the building as its headquarters. This factor likewise enabled bring in significant Korean financiers to the contract,” Cho states.
The transaction of the building– which began in the second half of past year– also marks the greatest single-asset office space transaction in the Asia Pacific place thus far this year. The 1,071,407 sq ft real estate rises in the extended place of the Gangnam Business District.