Samsung SDS Tower sold for US$630 mil, largest deal in South Korea to date this year
The transaction is the first significant deal that property industry expert Sungwook Cho, handling executive and chief of capital markets of Colliers Korea, has attained since entering the job at the Nasdaq and Toronto Stock Exchange-listed varied skilled solutions and investment management firm in July.
Colliers sold off the Samsung SDS Tower to KB Asset Management for US$ 630 million ($860 million), viewing the largest trade in the South Korean industry to date this year, according to a press release by the firm on Nov 8.
Colliers’ Asia Pacific operating director of worldwide capital industry Chris Pilgrim compliments the team’s determination and perseverance that obtained an appropriate customer for the prime commercial office space property. “The importance of the sale of the Samsung SDS Tower to KB Asset Management lies not solely in the greatest deal price of the year, but in addition in the capacity for more investment in prime-rate structures in the Korean marketplace,” Pilgrim includes.
In the media release, Cho says that he is “exceptionally proud” of his team’s abilities and dedication to seek out an ideal buyer for the huge transaction, amid a controlled business real estate industry. “This proceeding has been considered a practical financial investment action by KB Asset Management, as it secures a stable cash flow from Samsung SDS using the facility as its main office. This element also helped attract significant Korean capitalists to the contract,” Cho states.
In May, Cho’s group acquired awareness following their effective closure of 3 significant contracts with a combined market value of US$ 780 million. These entailed the profits of Munjeong Plaza, Donghwa Building and Namsan Green Building, and were the only notable deals created in the prime business sectors of Seoul at the time.
The transaction of the building– which began in the 2nd part of last year– also marks the largest single-asset office purchase in the Asia Pacific region thus far this year. The 1,071,407 square feet real estate lies in the expanded place of the Gangnam Business District.