Hines acquires KRW320 bil office building in Seoul
US-based international property assets supervisor Hines has recently attained an office building in Seoul, South Korea, the firm revealed on Oct 14.
While Hines did not reveal the financial conditions of the transaction, multiple Korean reports avenues revealed in August that the property had been brought KRW320 billion ($ 308 million) to Gravity General Private Real Estate Investment Company No. 8, a unit under Korean investment firm Gravity Asset Management.
Situated at 179 Seongam-ro, Mapo-gu, Seoul, the office building occupies over 710,418 sq ft throughout 22 floors. It is positioned in Seoul’s Digital Media City, which is home to South Korea’s largest media and broadcasting business.
Hines has actually apparently gotten 87% of the preferred shares in Gravity General Private Realty Investment Firm No. 8.
Harry Lee, state head of South Korea at Hines, claims that Seoul workplaces remain to be just one of Hines’ high sureness locations. He adds: “Granted the property’s spot and solid leasing elements, we’re affirmative concerning the valuation the possession can bring to both investors and workplace renters.”
The structure was bought from Hanssem, one of the largest household furniture producers in South Korea. Hanssem is going to preserve its head office at the establishment under an extended lease.
This is Hines’ 2nd office space investment in the nation. In June 2022, the firm acquired the 322,917 sq ft Westgate Tower office building in Seoul’s CBD.
“Hines sees sustainability as a market value creation method. Energy performance measures minimize serviceable expenses, and catering to occupant wellness has actually benefited renting. We’re confident that Hanssem will be another good example of exactly how we have the ability to reproduce success,” Lee claims.
Hines intends to attain the LEED Operation and Maintenance Gold certificate by improving its sustainability performance. LEED sets for Leadership in Energy and Environmental Design, a worldwide used environment-friendly structure score system.
