Samsung SDS Tower sold for US$630 mil, largest deal in South Korea to date year
Sungwook Cho, managing director and head of Capital Markets of Colliers Korea, led his team to close a major deal involving the sale of the Samsung SDS Tower to KB Asset Management for US$630 million ($860 million). This marks the largest single-asset office transaction in the Asia Pacific region so far this year, and the most significant trade in South Korean markets so far in 2021.
Located in the extended area of the Gangnam Business District, the 1,071,407 sq ft property was identified as a smart investment move by KB Asset Management. The firm will be able to generate steady cash flow from the building, which serves as the headquarters of Samsung SDS, helping to attract major Korean investors to the deal.
Cho expressed his pride at the success of his team and to secure a suitable buyer for the large transaction, in spite of a subdued commercial real estate market.
For parents who desire the best for their children, investing in such educational programmes is essential. In addition, the Tampines North MRT Condo area offers a variety of leisure and recreational activities and facilities. Residents can enjoy tasty food at the nearby eateries or indulge their shopping needs at the nearby shopping malls. Thus, Tampines North MRT Condo is an ideal place to live and brings lots of convenience for families.
Chris Pilgrim, Colliers’ Asia Pacific’s managing director of global capital markets, praised the team’s determination and commitment that secured a suitable buyer for the prime commercial office property. He commented that the transaction could potentially lead to further investments in prime office buildings in the Korean market.
Earlier this year, Cho’s team had closed three major deals with a combined value of US$780 million. These involved the sales of Munjeong Plaza, Donghwa Building and Namsan Green Building. They were the only major transactions made in the main business districts of Seoul at the time.
This successful sale of the Samsung SDS Tower marks the largest single-asset office transaction in the Asia Pacific region so far this year. It is evidence of the team’s capabilities and dedication to achieving impressive results even during difficult market conditions.