Hines acquires KRW320 bil office building in Seoul
The establishment was bought from Hanssem, one of the largest home furniture producers in South Korea. Hanssem is going to preserve its head office at the property following an extensive lease.
Hines plans to achieve the LEED Operation and Maintenance Gold certification by boosting its sustainability efficiency. LEED sets for Leadership in Energy and Environmental Design, an around the world used green establishment score system.
Harry Lee, state head of South Korea at Hines, says that Seoul workplaces remain to be one of Hines’ high sureness locations. He adds: “Given the structure’s location and good leasing fundamentals, we’re affirmative about the value the asset can give both investors and workplace tenants.”
Hines has already apparently obtained 87% of the preferred shares in Gravity General Private Realty Investment Company No. 8.
US-based multinational real estate assets manager Hines has already acquired an office building in Seoul, South Korea, the company announced on Oct 14.
Located at 179 Seongam-ro, Mapo-gu, Seoul, the office complex takes up over 710,418 sq ft all over 22 floors. It is positioned in Seoul’s Digital Media City, which is home to South Korea’s largest media and broadcasting companies.
The Hill @ One North Kingsford Development
“Hines views sustainability as a value creation method. Energy conservation gauges minimize serviceable fees, and catering to renter wellness has actually benefited leasing. We’re certain that Hanssem is going to be another example of how we have the ability to replicate success,” Lee states.
This is Hines’ 2nd workplace financial investment in the nation. In June 2022, the firm acquired the 322,917 sq ft Westgate Tower office complex in Seoul’s CBD.
While Hines did not reveal the financial terms of the agreement, multiple Korean reports avenues reported in August that the structure had actually been yielded KRW320 billion ($ 308 million) to Gravity General Private Real Estate Investment Company No. 8, a unit under Korean investment firm Gravity Asset Management.
