Samsung SDS Tower sold for US$630 mil, largest deal in South Korea to date this year
Colliers marketed the Samsung SDS Tower to KB Asset Management for US$ 630 million ($860 million), noting the biggest trade in the South Korean market to day this year, according to an announcement by the company on Nov 8.
In the press launch, Cho claims that he is “unbelievably proud” of his group’s abilities and dedication to look for an ideal purchaser for the big transaction, amidst a restrained industrial property industry. “This exchange has been thought about a wise investment action by KB Asset Management, as it protects a stable capital from Samsung SDS utilizing the building as its headquarters. This element also helped attract significant Korean capitalists to the transaction,” Cho says.
The deal is the very first major deal that property industry expert Sungwook Cho, regulating director and chief of financing markets of Colliers Korea, has actually attained from entering the duty at the Nasdaq and Toronto Stock Exchange-listed varied professional solutions and investment administration company in July.
Colliers’ Asia Pacific handling supervisor of global resources markets Chris Pilgrim commends the team’s determination and commitment that secured an appropriate buyer for the prime commercial workplace building. “The relevance of the deal of the Samsung SDS Tower to KB Asset Management sits not just in the greatest transaction value of the year, but also in the potential for additional investment in prime-rate structures in the Korean market,” Pilgrim includes.
The sale of the building– which started in the second half of previous year– also registers the biggest single-asset workplace transaction in the Asia Pacific region thus far this year. The 1,071,407 square feet building stands in the expanded location of the Gangnam Business District.
In May, Cho’s team gained interest complying with their outstanding closure of 3 major contracts with a combined price of US$ 780 million. These entailed the sales of Munjeong Plaza, Donghwa Building and Namsan Green Building, and were the only notable deals created in the major business districts of Seoul at the time.