Samsung SDS Tower sold for US$630 mil, largest deal in South Korea to date this year
In the press release, Cho claims that he is “incredibly honored” of his team’s potentials and determination to seek out an ideal purchaser for the large purchase, amid a suppressed business property industry. “This transaction has actually been considered a wise investment move by KB Asset Management, as it safeguards a solid cash flow from Samsung SDS using the facility as its head office. This element likewise helped attract major Korean entrepreneurs to the deal,” Cho states.
In May, Cho’s team gained interest complying with their effective closure of 3 main transactions with a merged value of US$ 780 million. These involved the sales of Munjeong Plaza, Donghwa Building and Namsan Green Building, and were the only significant purchases built in the main market areas of Seoul during the time.
Colliers’ Asia Pacific managing supervisor of international resources markets Chris Pilgrim commends the group’s determination and perseverance that secured an appropriate buyer for the prime business workplace property. “The relevance of the deal of the Samsung SDS Tower to KB Asset Management sits not solely in the greatest deal value of the year, but also in the possibility for further investment in prime-rate buildings in the Korean market,” Pilgrim adds.
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 year, according to a news release by the firm on Nov 8.
The deal is the first primary deal that realty market veteran Sungwook Cho, managing executive and chief of funding markets of Colliers Korea, has achieved from entering the position at the Nasdaq and Toronto Stock Exchange-listed diversified skilled services and investment administration corporation in July.
The transaction of the building– which started in the 2nd part of previous year– also notes the largest single-asset workplace deal in the Asia Pacific region already this year. The 1,071,407 sq ft building stands in the extended area of the Gangnam Business District.