Hines acquires KRW320 bil office building in Seoul

Hines has apparently obtained 87% of the preferred shares in Gravity General Private Real Estate Investment Firm No. 8.

The establishment was bought from Hanssem, one of the leading furniture manufacturers in South Korea. Hanssem is going to preserve its head office at the establishment beneath an extended lease.

This is Hines’ second office space investment in the country. In June 2022, the firm got the 322,917 sq ft Westgate Tower office complex in Seoul’s CBD.

US-based international property assets supervisor Hines has already obtained an office complex in Seoul, South Korea, the company announced on Oct 14.

“Hines views sustainability as a value creation approach. Energy conservation marks reduce operational fees, and catering to lessee wellness has actually been good for leasing. We’re certain that Hanssem will be another good example of how we have the ability to reproduce success,” Lee claims.

While Hines did not publish the monetary conditions of the deal, numerous Korean reports channels revealed in August that the property had been yielded KRW320 billion ($ 308 million) to Gravity General Private Real Estate Investment Firm No. 8, a unit under Korean investment company Gravity Asset Management.

Klimt Cairnhill condominium

Hines prepares to achieve the LEED Operation and Maintenance Gold certificate by boosting its sustainability performance. LEED sets for Leadership in Energy and Environmental Design, an around the world utilized green building score system.

Located at 179 Seongam-ro, Mapo-gu, Seoul, the office building takes up over 710,418 sq ft throughout 22 floors. It is located in Seoul’s Digital Media City, which is home to South Korea’s biggest media and broadcasting companies.

Harry Lee, state head of South Korea at Hines, states that Seoul workplaces remain to be among Hines’ high certainty locations. He adds: “Granted the building’s place and strong leasing components, we’re affirmative concerning the price the asset can offer either investors and workplace tenants.”


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