Samsung SDS Tower sold for US$630 mil, largest deal in South Korea to date this year
In May, Cho’s team obtained attention complying with their effective closure of three significant transactions with a combined worth of US$ 780 million. These included the sales of Munjeong Plaza, Donghwa Building and Namsan Green Building, and were the only major transactions made in the main market sectors of Seoul at the moment.
The deal of the property– which started in the 2nd part of past year– also notes the largest single-asset office space purchase in the Asia Pacific place thus far this year. The 1,071,407 square feet real estate is located in the stretched place of the Gangnam Business District.
Colliers sold off the Samsung SDS Tower to KB Asset Management for US$ 630 million ($860 million), marking the largest trade in the South Korean industry to date this annum, according to a press release by the firm on Nov 8.
In the press release, Cho states that he is “exceptionally pleased” of his group’s potentials and dedication to choose an appropriate buyer for the large transaction, amidst a suppressed commercial realty industry. “This transaction has actually been taken into consideration a smart financial investment step by KB Asset Management, as it protects a consistent capital from Samsung SDS utilizing the establishment as its headquarters. This aspect additionally assisted bring in major Korean investors to the transaction,” Cho says.
Colliers’ Asia Pacific managing director of international resources markets Chris Pilgrim applauds the team’s determination and dedication that obtained a suitable purchaser for the top commercial workplace asset. “The value of the transaction of the Samsung SDS Tower to KB Asset Management exists not just in the biggest transaction worth of the year, but even in the potential for more financial investment in prime-rate structures in the Korean market,” Pilgrim includes.
The transaction is the initial primary agreement that realty sector expert Sungwook Cho, regulating director and chief of funding markets of Colliers Korea, has actually achieved ever since stepping into the role at the Nasdaq and Toronto Stock Exchange-listed diversified skilled solutions and financial investment management corporation in July.