Hines acquires KRW320 bil office building in Seoul
The establishment was purchased from Hanssem, one of the leading home furniture manufacturers in South Korea. Hanssem is going to preserve its head office at the property under an extensive lease.
While Hines did not publish the economic terms of the deal, several Korean reports outlets disclosed in August that the property had been yielded KRW320 billion ($ 308 million) to Gravity General Private Real Estate Investment Firm No. 8, a unit under Korean investment company Gravity Asset Management.
Located at 179 Seongam-ro, Mapo-gu, Seoul, the office complex utilizes over 710,418 sq ft throughout 22 storeys. It is located in Seoul’s Digital Media City, which is home to South Korea’s biggest media and broadcasting business.
Hines has reportedly obtained 87% of the participating preferred stock in Gravity General Private Property Investment Company No. 8.
US-based global real estate investment supervisor Hines has gotten an office building in Seoul, South Korea, the company announced on Oct 14.
Harry Lee, state head of South Korea at Hines, claims that Seoul offices remain to be one of Hines’ high sureness areas. He adds: “Granted the property’s spot and strong leasing elements, we’re positive about the valuation the property can offer either investors and workplace occupants.”
Hines intends to accomplish the LEED Operation and Maintenance Gold certificate by improving its sustainability performance. LEED stands for Leadership in Energy and Environmental Design, a worldwide made use of environment-friendly property ranking system.
This is Hines’ 2nd office space financial investment in the nation. In June 2022, the company obtained the 322,917 sq ft Westgate Tower office complex in Seoul’s CBD.
“Hines sees sustainability as a valuation creation strategy. Energy performance marks reduce operational expenses, and catering to renter wellness has been good for leasing. We’re certain that Hanssem is going to be another good example of exactly how we’re able to duplicate success,” Lee says.