Hines acquires KRW320 bil office building in Seoul
Found at 179 Seongam-ro, Mapo-gu, Seoul, the office building takes up over 710,418 sq ft all over 22 storeys. It is located in Seoul’s Digital Media City, which is home to South Korea’s largest media and broadcasting business.
While Hines did not disclose the economic terms of the deal, several Korean news channels reported in August that the structure had been sold for KRW320 billion ($ 308 million) to Gravity General Private Real Estate Investment Company No. 8, a unit following Korean investment company Gravity Asset Management.
“Hines views sustainability as a valuation creation method. Energy efficiency marks minimize serviceable costs, and catering to tenant wellness has actually benefited leasing. We’re confident that Hanssem is going to be another example of just how we’re able to replicate results,” Lee says.
The building was purchased from Hanssem, one of the biggest home furniture manufacturers in South Korea. Hanssem is going to preserve its main office at the establishment beneath an extensive lease.
Hines has actually apparently gotten 87% of the participating preferred stock in Gravity General Private Realty Investment Firm No. 8.
US-based global realty investment supervisor Hines has recently obtained an office building in Seoul, South Korea, the business revealed on Oct 14.
Hines plans to achieve the LEED Operation and Maintenance Gold certificate by boosting its sustainability efficiency. LEED stands for Leadership in Energy and Environmental Design, an internationally used green property ranking system.
This is Hines’ 2nd workplace investment in the nation. In June 2022, the company acquired the 322,917 sq ft Westgate Tower office complex in Seoul’s CBD.
Harry Lee, country head of South Korea at Hines, states that Seoul office spaces remain to be one of Hines’ high conviction locations. He includes: “Given the structure’s spot and good leasing elements, we’re affirmative about the price the property can offer both financiers and workplace tenants.”