Hines acquires KRW320 bil office building in Seoul
Harry Lee, state head of South Korea at Hines, states that Seoul offices continue to be one of Hines’ high sureness locations. He adds: “Given the building’s location and strong leasing elements, we’re positive concerning the valuation the property can give both investors and office occupants.”
This is Hines’ second business office investment in the country. In June 2022, the business obtained the 322,917 sq ft Westgate Tower office building in Seoul’s CBD.
Hines intends to attain the LEED Operation and Maintenance Gold license by enhancing its sustainability performance. LEED ranks for Leadership in Energy and Environmental Design, a globally made use of green building ranking system.
The establishment was purchased from Hanssem, one of the leading household furniture manufacturers in South Korea. Hanssem will preserve its head office at the building following a long-term lease.
While Hines did not display the economic terms of the deal, several Korean news channels reported in August that the structure had actually been brought KRW320 billion ($ 308 million) to Gravity General Private Real Estate Investment Firm No. 8, a unit following Korean investment firm Gravity Asset Management.
US-based international realty assets supervisor Hines has attained an office building in Seoul, South Korea, the business released on Oct 14.
Situated at 179 Seongam-ro, Mapo-gu, Seoul, the office building occupies over 710,418 sq ft across 22 storeys. It is positioned in Seoul’s Digital Media City, which is home to South Korea’s biggest media and broadcasting companies.
“Hines views sustainability as a valuation creation approach. Energy conservation marks reduce serviceable expenses, and catering to renter wellness has actually been good for renting. We’re confident that Hanssem will likely be another example of exactly how we have the ability to replicate results,” Lee claims.
Hines has already reportedly obtained 87% of the participating preferred stock in Gravity General Private Real Estate Investment Company No. 8.