Hines acquires KRW320 bil office building in Seoul
Situated at 179 Seongam-ro, Mapo-gu, Seoul, the office building utilizes over 710,418 sq ft all over 22 storeys. It is positioned in Seoul’s Digital Media City, which is home to South Korea’s largest media and broadcasting firms.
Harry Lee, state head of South Korea at Hines, says that Seoul offices continue to be one of Hines’ high certainty areas. He includes: “Granted the structure’s place and solid leasing components, we’re positive regarding the value the asset can bring to either financiers and office occupants.”
US-based global real estate assets supervisor Hines has already obtained an office building in Seoul, South Korea, the business released on Oct 14.
Bagnall Haus Upper East Coast Road
Hines intends to accomplish the LEED Operation and Maintenance Gold certification by enhancing its sustainability performance. LEED stands for Leadership in Energy and Environmental Design, an internationally made use of environment-friendly establishment score system.
This is Hines’ 2nd office space investment in the nation. In June 2022, the company obtained the 322,917 sq ft Westgate Tower office complex in Seoul’s CBD.
The structure was bought from Hanssem, one of the largest home furniture makers in South Korea. Hanssem will preserve its main office at the property under a long-term lease.
“Hines views sustainability as a market value creation method. Energy conservation gauges reduce serviceable fees, and catering to occupant wellness has benefited renting. We’re positive that Hanssem will be another sample of exactly how we have the ability to reproduce results,” Lee claims.
While Hines did not display the economic conditions of the deal, several Korean reports channels reported in August that the structure had been sold for KRW320 billion ($ 308 million) to Gravity General Private Realty Investment Company No. 8, a unit under Korean investment firm Gravity Asset Management.
Hines has apparently acquired 87% of the preferred shares in Gravity General Private Realty Investment Firm No. 8.
