Samsung SDS Tower sold for US$630 mil, largest deal in South Korea to date this year

The sale of the property– which began in the second half of past year– also notes the greatest single-asset office transaction in the Asia Pacific area so far this year. The 1,071,407 sq ft estate stands in the extended area of the Gangnam Business District.

In the media release, Cho claims that he is “exceptionally happy” of his team’s capabilities and determination to seek an appropriate purchaser for the big purchase, amid a suppressed business real estate market. “This transaction has been thought about a smart investment move by KB Asset Management, as it safeguards a solid capital from Samsung SDS utilizing the establishment as its main office. This aspect additionally really helped attract major Korean capitalists to the transaction,” Cho says.

Colliers sold off the Samsung SDS Tower to KB Asset Management for US$ 630 million ($860 million), marking the most extensive trade in the South Korean market to day this year, according to an announcement by the firm on Nov 8.

The transaction is the first significant agreement that realty industry expert Sungwook Cho, handling supervisor and head of financing markets of Colliers Korea, has actually achieved ever since stepping into the duty at the Nasdaq and Toronto Stock Exchange-listed diversified professional solutions and financial investment management corporation in July.

Midtown Modern Singapore

Colliers’ Asia Pacific managing executive of worldwide resources industry Chris Pilgrim commends the team’s measurement and perseverance that obtained an appropriate buyer for the top commercial office space property. “The value of the deal of the Samsung SDS Tower to KB Asset Management lies not just in the biggest deal price of the year, but also in the capacity for more investment in prime-rate buildings in the Korean target market,” Pilgrim adds.

In May, Cho’s group obtained awareness adhering to their outstanding closure of 3 main contracts with a joined price of US$ 780 million. These entailed the sales of Munjeong Plaza, Donghwa Building and Namsan Green Building, and were the only significant purchases made in the main market areas of Seoul at the time.


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