Hines acquires KRW320 bil office building in Seoul
The structure was purchased from Hanssem, one of the leading home furniture makers in South Korea. Hanssem is going to keep its head office at the establishment following a long-term lease.
Situated at 179 Seongam-ro, Mapo-gu, Seoul, the office building utilizes over 710,418 sq ft all over 22 storeys. It is situated in Seoul’s Digital Media City, which is home to South Korea’s largest media and broadcasting firms.
Hines has apparently gotten 87% of the preferred stock in Gravity General Private Property Investment Company No. 8.
While Hines did not publish the economic terms of the agreement, several Korean reports avenues reported in August that the building had been brought KRW320 billion ($ 308 million) to Gravity General Private Realty Investment Firm No. 8, a unit following Korean investment company Gravity Asset Management.
This is Hines’ 2nd office space financial investment in the country. In June 2022, the firm got the 322,917 sq ft Westgate Tower office complex in Seoul’s CBD.
US-based global realty assets manager Hines has gotten an office complex in Seoul, South Korea, the business released on Oct 14.
Hines plans to achieve the LEED Operation and Maintenance Gold certificate by enhancing its sustainability efficiency. LEED ranks for Leadership in Energy and Environmental Design, an around the world made use of green property rating system.
“Hines sees sustainability as a valuation creation approach. Energy efficiency gauges lessen operational costs, and catering to renter wellness has actually benefited renting. We’re certain that Hanssem will be another good example of how we’re able to reproduce success,” Lee says.
Harry Lee, state head of South Korea at Hines, states that Seoul offices remain to be one of Hines’ high certainty areas. He adds: “Granted the property’s spot and good leasing fundamentals, we’re positive regarding the valuation the possession can bring to either investors and workplace occupants.”
