Hines acquires KRW320 bil office building in Seoul
US-based international real estate assets supervisor Hines has obtained an office building in Seoul, South Korea, the company released on Oct 14.
Hines intends to achieve the LEED Operation and Maintenance Gold license by improving its sustainability efficiency. LEED sets for Leadership in Energy and Environmental Design, a globally used eco-friendly structure score system.
Found at 179 Seongam-ro, Mapo-gu, Seoul, the office complex occupies over 710,418 sq ft throughout 22 storeys. It is situated in Seoul’s Digital Media City, which is home to South Korea’s biggest media and broadcasting companies.
Harry Lee, state head of South Korea at Hines, says that Seoul offices continue to be one of Hines’ high certainty locations. He includes: “Granted the structure’s place and solid leasing fundamentals, we’re positive about the value the asset can offer both financiers and workplace lessees.”
While Hines did not publish the economic conditions of the transaction, numerous Korean news avenues revealed in August that the structure had been brought KRW320 billion ($ 308 million) to Gravity General Private Realty Investment Firm No. 8, a unit under Korean investment firm Gravity Asset Management.
This is Hines’ second office space investment in the country. In June 2022, the business obtained the 322,917 sq ft Westgate Tower office building in Seoul’s CBD.
“Hines views sustainability as a valuation creation method. Energy performance marks lessen working expenses, and catering to lessee wellness has actually been good for renting. We’re positive that Hanssem will likely be another sample of just how we’re able to duplicate success,” Lee claims.
The structure was purchased from Hanssem, one of the largest furniture manufacturers in South Korea. Hanssem will maintain its headquarters at the property beneath a long-term lease.
Hines has apparently acquired 87% of the participating preferred stock in Gravity General Private Realty Investment Firm No. 8.
