Samsung SDS Tower sold for US$630 mil, largest deal in South Korea to date this year
The transaction is the initial major deal that property market expert Sungwook Cho, handling director and director of capital markets of Colliers Korea, has actually attained since entering the duty at the Nasdaq and Toronto Stock Exchange-listed varied professional solutions and investment administration firm in July.
The deal of the property– which began in the 2nd half of previous year– also notes the biggest single-asset office space transaction in the Asia Pacific area already this year. The 1,071,407 sq ft property rises in the extended area of the Gangnam Business District.
Colliers’ Asia Pacific handling executive of global capital markets Chris Pilgrim compliments the group’s determination and commitment that obtained a suitable purchaser for the prime business office space building. “The value of the deal of the Samsung SDS Tower to KB Asset Management exists not solely in the greatest purchase value of the year, yet also in the potential for more financial investment in prime-rate buildings in the Korean marketplace,” Pilgrim adds in.
In May, Cho’s team obtained attention complying with their successful closure of three major offers with a combined price of US$ 780 million. These entailed the revenues of Munjeong Plaza, Donghwa Building and Namsan Green Building, and were the only major purchases built in the prime business areas of Seoul at the moment.
In the media launch, Cho says that he is “extremely happy” of his team’s abilities and dedication to seek an ideal buyer for the huge deal, amidst a suppressed industrial property market. “This proceeding has been considered a practical financial investment step by KB Asset Management, as it protects a steady cash flow from Samsung SDS making use of the establishment as its company headquaters. This variable also assisted entice major Korean financiers to the transaction,” Cho says.
Colliers marketed the Samsung SDS Tower to KB Asset Management for US$ 630 million ($860 million), viewing the most extensive trade in the South Korean market to day this year, according to an announcement by the business on Nov 8.