Hines acquires KRW320 bil office building in Seoul
The structure was purchased from Hanssem, one of the leading home furniture makers in South Korea. Hanssem will preserve its headquarters at the property under an extensive lease.
This is Hines’ 2nd office financial investment in the nation. In June 2022, the firm obtained the 322,917 sq ft Westgate Tower office building in Seoul’s CBD.
Harry Lee, country head of South Korea at Hines, says that Seoul workplaces remain to be one of Hines’ high certainty areas. He adds: “Given the structure’s site and strong leasing components, we’re positive about the value the asset can give either investors and office renters.”
Hines plans to accomplish the LEED Operation and Maintenance Gold license by boosting its sustainability efficiency. LEED ranks for Leadership in Energy and Environmental Design, an around the world used green establishment ranking system.
Altura EC Bukit Batok West Avenue 8
“Hines sees sustainability as a market value creation approach. Energy efficiency measures lessen serviceable expenses, and catering to tenant wellness has actually been good for renting. We’re positive that Hanssem is going to be another good example of just how we’re able to replicate results,” Lee says.
Situated at 179 Seongam-ro, Mapo-gu, Seoul, the office complex takes up over 710,418 sq ft throughout 22 floors. It is located in Seoul’s Digital Media City, which is home to South Korea’s biggest media and broadcasting firms.
While Hines did not reveal the financial terms of the transaction, several Korean news avenues reported in August that the property had actually been sold for KRW320 billion ($ 308 million) to Gravity General Private Realty Investment Firm No. 8, a unit under Korean investment company Gravity Asset Management.
Hines has apparently obtained 87% of the preferred shares in Gravity General Private Property Investment Firm No. 8.
US-based international real estate assets supervisor Hines has recently gotten an office building in Seoul, South Korea, the business announced on Oct 14.