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

The transaction of the property– which began in the 2nd half of last year– also marks the biggest single-asset office space deal in the Asia Pacific region so far this year. The 1,071,407 square feet building stands in the expanded location of the Gangnam Business District.

In May, Cho’s team acquired interest complying with their successful closure of 3 significant contracts with a combined price of US$ 780 million. These entailed the sales of Munjeong Plaza, Donghwa Building and Namsan Green Building, and were the only notable purchases made in the main market regions of Seoul during the time.

J’Den Condo Jurong East Central Road

The transaction is the first significant deal that realty market veteran Sungwook Cho, handling supervisor and chief of capital markets of Colliers Korea, has actually accomplished ever since entering the duty at the Nasdaq and Toronto Stock Exchange-listed diversified experienced services and investment administration corporation in July.

In the press launch, Cho says that he is “incredibly proud” of his team’s capabilities and commitment to choose an ideal buyer for the huge transaction, amid a subdued business property industry. “This proceeding has been thought about a wise investment move by KB Asset Management, as it safeguards a constant cash flow from Samsung SDS using the facility as its main office. This element also really helped bring in major Korean entrepreneurs to the transaction,” Cho says.

Colliers marketed the Samsung SDS Tower to KB Asset Management for US$ 630 million ($860 million), noting the most extensive trade in the South Korean market to date this year, according to a news release by the firm on Nov 8.

Colliers’ Asia Pacific managing executive of global resources markets Chris Pilgrim applauds the group’s measurement and commitment that secured an ideal buyer for the prime commercial office space asset. “The significance of the sale of the Samsung SDS Tower to KB Asset Management exists not solely in the largest transaction price of the year, yet even in the capacity for further investment in prime-rate buildings in the Korean current market,” Pilgrim adds.