Samsung SDS Tower sold for US$630 mil, largest deal in South Korea to date this year
In the press launch, Cho says that he is “exceptionally proud” of his group’s potentials and dedication to look for an appropriate purchaser for the large deal, in the middle of a suppressed industrial property market. “This deal has actually been taken into consideration a wise investment action by KB Asset Management, as it protects a reliable money from Samsung SDS using the building as its main office. This variable additionally assisted attract significant Korean entrepreneurs to the deal,” Cho claims.
Colliers sold off the Samsung SDS Tower to KB Asset Management for US$ 630 million ($860 million), marking the biggest sell the South Korean industry to day this annum, according to a news release by the company on Nov 8.
The transaction is the first major agreement that real estate industry expert Sungwook Cho, handling director and chief of funding markets of Colliers Korea, has accomplished ever since stepping into the role at the Nasdaq and Toronto Stock Exchange-listed diversified experienced solutions and financial investment management company in July.
Colliers’ Asia Pacific operating executive of international funding markets Chris Pilgrim applauds the team’s measurement and perseverance that secured a suitable buyer for the prime commercial office space asset. “The value of the transaction of the Samsung SDS Tower to KB Asset Management exists not solely in the greatest deal price of the year, however also in the capacity for more investment in prime-rate buildings in the Korean target market,” Pilgrim adds.
The deal of the building– which started in the second half of last year– also notes the biggest single-asset office space deal in the Asia Pacific place so far this year. The 1,071,407 sq ft building stands in the stretched place of the Gangnam Business District.
In May, Cho’s group acquired attention adhering to their outstanding closure of three primary deals with a merged market value of US$ 780 million. These entailed the profits of Munjeong Plaza, Donghwa Building and Namsan Green Building, and were actually the only major purchases created in the prime business regions of Seoul at the time.