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

Colliers sold off the Samsung SDS Tower to KB Asset Management for US$ 630 million ($860 million), noting the biggest sell the South Korean market to day this current year, according to a news release by the firm on Nov 8.

The deal is the first significant offer that property sector veteran Sungwook Cho, handling supervisor and director of financing markets of Colliers Korea, has achieved from stepping into the position at the Nasdaq and Toronto Stock Exchange-listed varied experienced services and financial investment administration corporation in July.

In the press launch, Cho says that he is “incredibly happy” of his group’s abilities and devotion to seek an ideal purchaser for the huge purchase, amidst a controlled industrial property industry. “This proceeding has actually been considered a wise financial investment move by KB Asset Management, as it secures a constant money from Samsung SDS using the facility as its company headquaters. This factor also helped attract significant Korean financiers to the deal,” Cho states.

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The deal of the property– which began in the 2nd part of past year– also notes the biggest single-asset workplace deal in the Asia Pacific place so far this year. The 1,071,407 square feet property is located in the stretched area of the Gangnam Business District.

In May, Cho’s group gained interest complying with their successful closure of 3 primary offers with a mixed value of US$ 780 million. These involved the revenues of Munjeong Plaza, Donghwa Building and Namsan Green Building, and were the only major transactions made in the major market areas of Seoul during the time.

Colliers’ Asia Pacific managing director of international resources industry Chris Pilgrim compliments the team’s perception and perseverance that guaranteed an ideal buyer for the top business workplace asset. “The significance of the deal of the Samsung SDS Tower to KB Asset Management exists not solely in the largest transaction price of the year, but in addition in the possibility for additional financial investment in prime-rate structures in the Korean market,” Pilgrim adds.