Hines acquires KRW320 bil office building in Seoul
The establishment was purchased from Hanssem, one of the largest home furniture producers in South Korea. Hanssem is going to maintain its main office at the property under an extensive lease.
This is Hines’ 2nd business office investment in the country. In June 2022, the business acquired the 322,917 sq ft Westgate Tower office building in Seoul’s CBD.
US-based global real estate investment supervisor Hines has already obtained an office complex in Seoul, South Korea, the company released on Oct 14.
While Hines did not display the monetary terms of the transaction, numerous Korean reports avenues reported in August that the structure had been yielded KRW320 billion ($ 308 million) to Gravity General Private Real Estate Investment Company No. 8, a unit under Korean investment company Gravity Asset Management.
“Hines sees sustainability as a value creation method. Energy performance marks reduce serviceable expenses, and catering to renter wellness has actually been good for leasing. We’re confident that Hanssem will likely be another sample of just how we’re able to reproduce results,” Lee claims.
Hines intends to accomplish the LEED Operation and Maintenance Gold license by improving its sustainability efficiency. LEED ranks for Leadership in Energy and Environmental Design, an internationally made use of environment-friendly building score system.
Harry Lee, country head of South Korea at Hines, claims that Seoul workplaces continue to be just one of Hines’ high certainty areas. He includes: “Given the property’s place and solid leasing components, we’re affirmative about the value the property can give either investors and business office lessees.”
Found at 179 Seongam-ro, Mapo-gu, Seoul, the office building takes up over 710,418 sq ft throughout 22 storeys. It is positioned in Seoul’s Digital Media City, which is home to South Korea’s biggest media and broadcasting companies.
Hines has reportedly obtained 87% of the participating preferred stock in Gravity General Private Realty Investment Firm No. 8.
