Hines acquires KRW320 bil office building in Seoul
The structure was purchased from Hanssem, one of the leading household furniture makers in South Korea. Hanssem is going to keep its main office at the property beneath an extensive lease.
Hines has actually reportedly gotten 87% of the participating preferred stock in Gravity General Private Property Investment Company No. 8.
While Hines did not disclose the financial terms of the deal, numerous Korean reports avenues disclosed in August that the structure had been brought KRW320 billion ($ 308 million) to Gravity General Private Real Estate Investment Firm No. 8, a unit under Korean investment firm Gravity Asset Management.
Situated at 179 Seongam-ro, Mapo-gu, Seoul, the office complex takes up over 710,418 sq ft across 22 storeys. It is positioned in Seoul’s Digital Media City, which is home to South Korea’s largest media and broadcasting companies.
“Hines sees sustainability as a value creation method. Energy efficiency gauges minimize working fees, and catering to lessee wellness has actually been good for renting. We’re confident that Hanssem is going to be another good example of exactly how we’re able to duplicate success,” Lee says.
Harry Lee, state head of South Korea at Hines, states that Seoul office spaces continue to be among Hines’ high conviction locations. He adds: “Given the building’s place and strong leasing fundamentals, we’re affirmative about the valuation the possession can offer either investors and workplace renters.”
Hines intends to accomplish the LEED Operation and Maintenance Gold certificate by improving its sustainability performance. LEED sets for Leadership in Energy and Environmental Design, a globally made use of green property rating system.
This is Hines’ second business office investment in the nation. In June 2022, the company got the 322,917 sq ft Westgate Tower office complex in Seoul’s CBD.
US-based global property assets supervisor Hines has already gotten an office building in Seoul, South Korea, the firm released on Oct 14.
