Hines acquires KRW320 bil office building in Seoul
US-based global real estate investment manager Hines has attained an office building in Seoul, South Korea, the company revealed on Oct 14.
Found at 179 Seongam-ro, Mapo-gu, Seoul, the office building utilizes over 710,418 sq ft across 22 floors. It is located in Seoul’s Digital Media City, which is home to South Korea’s largest media and broadcasting companies.
While Hines did not publish the financial terms of the transaction, several Korean reports channels disclosed in August that the structure had been brought KRW320 billion ($ 308 million) to Gravity General Private Real Estate Investment Company No. 8, a unit following Korean investment firm Gravity Asset Management.
“Hines views sustainability as a market value creation approach. Energy efficiency gauges lessen working fees, and catering to occupant wellness has actually been good for renting. We’re certain that Hanssem will be another sample of how we have the ability to duplicate success,” Lee claims.
Hines has actually apparently obtained 87% of the preferred shares in Gravity General Private Property Investment Company No. 8.
Hines intends to attain the LEED Operation and Maintenance Gold license by enhancing its sustainability efficiency. LEED ranks for Leadership in Energy and Environmental Design, a worldwide used eco-friendly property score system.
The building was bought from Hanssem, one of the biggest furniture makers in South Korea. Hanssem will maintain its headquarters at the establishment under an extensive lease.
Harry Lee, country head of South Korea at Hines, says that Seoul office spaces remain to be just one of Hines’ high conviction areas. He includes: “Granted the property’s place and strong leasing fundamentals, we’re affirmative regarding the market value the asset can offer both investors and office tenants.”
This is Hines’ second workplace financial investment in the nation. In June 2022, the firm got the 322,917 sq ft Westgate Tower office building in Seoul’s CBD.
