Samsung SDS Tower sold for US$630 mil, largest deal in South Korea to date this year
Colliers’ Asia Pacific handling executive of global funding industry Chris Pilgrim compliments the team’s perception and commitment that guaranteed a suitable buyer for the prime business office space property. “The importance of the transaction of the Samsung SDS Tower to KB Asset Management exists not only in the largest transaction price of the year, however even in the potential for further financial investment in prime-rate buildings in the Korean market,” Pilgrim includes.
In May, Cho’s team gained awareness complying with their outstanding closure of three significant offers with a joined price of US$ 780 million. These included the revenues of Munjeong Plaza, Donghwa Building and Namsan Green Building, and were the only significant purchases built in the prime shop areas of Seoul at the moment.
In the press launch, Cho claims that he is “incredibly proud” of his group’s potentials and devotion to seek out a suitable buyer for the huge deal, in the middle of a subdued business real estate market. “This exchange has been thought about a practical financial investment step by KB Asset Management, as it safeguards a solid cash flow from Samsung SDS using the facility as its main office. This aspect also assisted bring in significant Korean investors to the contract,” Cho claims.
Colliers marketed the Samsung SDS Tower to KB Asset Management for US$ 630 million ($860 million), viewing the biggest sell the South Korean market to day this current year, according to an announcement by the company on Nov 8.
The deal of the real estate– which started in the second half of previous year– also registers the biggest single-asset workplace transaction in the Asia Pacific area already this year. The 1,071,407 square feet estate stands in the stretched place of the Gangnam Business District.
The purchase is the first significant agreement that real estate sector professional Sungwook Cho, regulating executive and head of capital markets of Colliers Korea, has accomplished since stepping into the position at the Nasdaq and Toronto Stock Exchange-listed diversified professional solutions and financial investment administration firm in July.