Samsung SDS Tower sold for US$630 mil, largest deal in South Korea to date this year
In the press launch, Cho states that he is “unbelievably pleased” of his group’s potentials and determination to look for an ideal customer for the huge purchase, amidst a controlled commercial realty industry. “This deal has actually been thought about a wise financial investment action by KB Asset Management, as it protects a stable cash flow from Samsung SDS making use of the establishment as its head office. This aspect also helped attract significant Korean investors to the contract,” Cho says.
The deal of the real estate– which started in the second part of last year– also marks the biggest single-asset office deal in the Asia Pacific area thus far this year. The 1,071,407 square feet estate lies in the stretched location of the Gangnam Business District.
The transaction is the initial primary agreement that property sector expert Sungwook Cho, regulating executive and head of funding markets of Colliers Korea, has actually achieved from stepping into the role at the Nasdaq and Toronto Stock Exchange-listed varied professional solutions and financial investment administration company in July.
Colliers marketed the Samsung SDS Tower to KB Asset Management for US$ 630 million ($860 million), viewing the largest sell the South Korean market to date this annum, according to a press release by the business on Nov 8.
In May, Cho’s group gained attention complying with their outstanding closure of three primary offers with a combined market value of US$ 780 million. These involved the profits of Munjeong Plaza, Donghwa Building and Namsan Green Building, and were the only major transactions built in the prime market districts of Seoul at the time.
Colliers’ Asia Pacific operating supervisor of global resources industry Chris Pilgrim applauds the group’s determination and commitment that secured an appropriate purchaser for the top commercial office space building. “The significance of the sale of the Samsung SDS Tower to KB Asset Management sits not solely in the biggest transaction worth of the year, however also in the potential for further investment in prime-rate structures in the Korean market,” Pilgrim includes.
