Samsung SDS Tower sold for US$630 mil, largest deal in South Korea to date this year
The transaction is the initial significant offer that realty sector expert Sungwook Cho, handling director and head of financing markets of Colliers Korea, has actually attained since stepping into the duty at the Nasdaq and Toronto Stock Exchange-listed diversified professional solutions and investment management firm in July.
In the media launch, Cho claims that he is “unbelievably honored” of his group’s abilities and determination to seek a suitable purchaser for the big deal, amid a restrained commercial real estate market. “This exchange has actually been thought about a wise financial investment move by KB Asset Management, as it safeguards a consistent cash flow from Samsung SDS making use of the building as its headquarters. This variable additionally assisted bring in significant Korean financiers to the contract,” Cho states.
Colliers’ Asia Pacific handling supervisor of international resources markets Chris Pilgrim compliments the group’s determination and commitment that secured a suitable purchaser for the prime commercial office asset. “The relevance of the transaction of the Samsung SDS Tower to KB Asset Management lies not just in the largest transaction value of the year, yet in addition in the potential for additional financial investment in prime-rate structures in the Korean marketplace,” Pilgrim puts in.
Colliers sold the Samsung SDS Tower to KB Asset Management for US$ 630 million ($860 million), marking the largest trade in the South Korean market to day this annum, according to a news release by the business on Nov 8.
The sale of the property– which started in the second part of previous year– also registers the largest single-asset office deal in the Asia Pacific region thus far this year. The 1,071,407 sq ft building stands in the extended location of the Gangnam Business District.
In May, Cho’s team obtained awareness complying with their outstanding closure of three main contracts with a combined price of US$ 780 million. These entailed the sales of Munjeong Plaza, Donghwa Building and Namsan Green Building, and were actually the only notable deals built in the main business sectors of Seoul at the time.