Hines acquires KRW320 bil office building in Seoul
The building was purchased from Hanssem, one of the biggest furniture manufacturers in South Korea. Hanssem is going to preserve its headquarters at the establishment following a long-term lease.
“Hines views sustainability as a valuation creation strategy. Energy conservation marks reduce operational expenses, and catering to renter wellness has benefited renting. We’re certain that Hanssem is going to be another example of how we’re able to reproduce success,” Lee states.
Hines intends to attain the LEED Operation and Maintenance Gold certification by boosting its sustainability performance. LEED sets for Leadership in Energy and Environmental Design, an internationally made use of green structure ranking system.
While Hines did not publish the economic terms of the transaction, multiple Korean reports avenues disclosed in August that the property had been yielded KRW320 billion ($ 308 million) to Gravity General Private Realty Investment Company No. 8, a unit under Korean investment firm Gravity Asset Management.
Hines has already reportedly obtained 87% of the participating preferred stock in Gravity General Private Realty Investment Firm No. 8.
This is Hines’ 2nd office space investment in the country. In June 2022, the firm obtained the 322,917 sq ft Westgate Tower office building in Seoul’s CBD.
US-based multinational property assets supervisor Hines has already acquired an office building in Seoul, South Korea, the business released on Oct 14.
Harry Lee, state head of South Korea at Hines, states that Seoul offices remain to be one of Hines’ high certainty areas. He includes: “Granted the property’s site and strong leasing components, we’re positive concerning the value the asset can offer both investors and workplace renters.”
Found at 179 Seongam-ro, Mapo-gu, Seoul, the office building inhabits over 710,418 sq ft across 22 storeys. It is situated in Seoul’s Digital Media City, which is home to South Korea’s biggest media and broadcasting business.