Samsung SDS Tower sold for US$630 mil, largest deal in South Korea to date this year
Colliers’ Asia Pacific operating executive of global capital industry Chris Pilgrim compliments the group’s perception and commitment that guaranteed an appropriate customer for the top commercial workplace asset. “The importance of the deal of the Samsung SDS Tower to KB Asset Management exists not only in the largest purchase worth of the year, however also in the capacity for more financial investment in prime-rate buildings in the Korean target market,” Pilgrim adds in.
The purchase is the very first significant deal that realty sector professional Sungwook Cho, managing director and head of financing markets of Colliers Korea, has attained from stepping into the position at the Nasdaq and Toronto Stock Exchange-listed varied skilled solutions and investment administration company in July.
Colliers sold the Samsung SDS Tower to KB Asset Management for US$ 630 million ($860 million), noting the largest trade in the South Korean industry to day this annum, according to a press release by the business on Nov 8.
In the media launch, Cho says that he is “unbelievably proud” of his team’s potentials and dedication to look for an ideal customer for the huge transaction, amid a restrained industrial realty market. “This deal has been considered a practical investment step by KB Asset Management, as it safeguards a reliable capital from Samsung SDS making use of the building as its headquarters. This factor additionally enabled entice major Korean entrepreneurs to the contract,” Cho claims.
In May, Cho’s group got attention adhering to their successful closure of 3 significant contracts with a merged value of US$ 780 million. These entailed the sales of Munjeong Plaza, Donghwa Building and Namsan Green Building, and were actually the only significant transactions created in the prime shop sectors of Seoul during the time.
The deal of the property– which began in the 2nd part of previous year– also registers the greatest single-asset office space transaction in the Asia Pacific place already this year. The 1,071,407 sq ft building rises in the stretched place of the Gangnam Business District.
