Samsung SDS Tower sold for US$630 mil, largest deal in South Korea to date this year
Colliers’ Asia Pacific managing director of worldwide resources industry Chris Pilgrim compliments the group’s perception and dedication that obtained a suitable customer for the top business office space building. “The value of the deal of the Samsung SDS Tower to KB Asset Management lies not only in the biggest deal worth of the year, yet also in the potential for additional financial investment in prime-rate buildings in the Korean market,” Pilgrim adds in.
The sale of the building– which started in the second half of previous year– also marks the greatest single-asset office deal in the Asia Pacific region thus far this year. The 1,071,407 sq ft real estate rises in the expanded place of the Gangnam Business District.
Colliers sold off the Samsung SDS Tower to KB Asset Management for US$ 630 million ($860 million), viewing the biggest sell the South Korean market to day this annum, according to a press release by the firm on Nov 8.
In May, Cho’s team acquired attention following their successful closure of 3 primary offers with a mixed price of US$ 780 million. These included the sales of Munjeong Plaza, Donghwa Building and Namsan Green Building, and were the only notable deals created in the main shop districts of Seoul at the time.
In the media release, Cho claims that he is “incredibly happy” of his team’s capabilities and commitment to seek an ideal customer for the large purchase, amidst a suppressed business property market. “This deal has been taken into consideration a smart investment step by KB Asset Management, as it safeguards a stable capital from Samsung SDS using the establishment as its main office. This aspect additionally enabled entice major Korean capitalists to the transaction,” Cho claims.
The deal is the very first primary agreement that realty market professional Sungwook Cho, managing executive and director of capital markets of Colliers Korea, has attained from stepping into the duty at the Nasdaq and Toronto Stock Exchange-listed diversified experienced solutions and investment administration firm in July.