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

Colliers sold the Samsung SDS Tower to KB Asset Management for US$ 630 million ($860 million), marking the most extensive sell the South Korean industry to date this year, according to an announcement by the firm on Nov 8.

Colliers’ Asia Pacific handling executive of global funding industry Chris Pilgrim compliments the group’s measurement and commitment that secured a suitable customer for the prime business workplace asset. “The value of the sale of the Samsung SDS Tower to KB Asset Management exists not just in the greatest purchase value of the year, yet also in the potential for additional financial investment in prime-rate structures in the Korean market,” Pilgrim puts in.

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The deal of the real estate– which started in the 2nd half of past year– also marks the largest single-asset office purchase in the Asia Pacific area so far this year. The 1,071,407 sq ft estate is located in the expanded location of the Gangnam Business District.

In the media release, Cho states that he is “extremely pleased” of his group’s abilities and dedication to seek an appropriate customer for the large purchase, amid a restrained business realty industry. “This exchange has been considered a smart investment step by KB Asset Management, as it protects a constant capital from Samsung SDS using the facility as its headquarters. This aspect additionally enabled attract significant Korean entrepreneurs to the contract,” Cho says.

The purchase is the first significant agreement that real estate sector expert Sungwook Cho, regulating director and head of capital markets of Colliers Korea, has actually accomplished ever since stepping into the duty at the Nasdaq and Toronto Stock Exchange-listed varied skilled solutions and investment administration firm in July.

In May, Cho’s group gained attention following their effective closure of three major offers with a mixed value of US$ 780 million. These entailed the sales of Munjeong Plaza, Donghwa Building and Namsan Green Building, and were the only significant deals built in the prime shop areas of Seoul during the time.