Hines acquires KRW320 bil office building in Seoul
Hines has actually apparently gotten 87% of the participating preferred stock in Gravity General Private Realty Investment Firm No. 8.
“Hines views sustainability as a market value creation method. Energy performance measures reduce working fees, and catering to renter wellness has actually benefited leasing. We’re confident that Hanssem will be another example of how we have the ability to replicate results,” Lee states.
Hines plans to accomplish the LEED Operation and Maintenance Gold license by enhancing its sustainability performance. LEED ranks for Leadership in Energy and Environmental Design, a globally used green building rating system.
Found 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.
This is Hines’ 2nd office financial investment in the nation. In June 2022, the company obtained the 322,917 sq ft Westgate Tower office building in Seoul’s CBD.
While Hines did not reveal the economic conditions of the deal, multiple Korean news 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.
The building was bought from Hanssem, one of the largest furniture manufacturers in South Korea. Hanssem will maintain its head office at the property following an extensive lease.
Harry Lee, country head of South Korea at Hines, states that Seoul offices continue to be among Hines’ high certainty locations. He includes: “Given the structure’s spot and good leasing components, we’re positive about the price the possession can give either investors and business office lessees.”
US-based global realty investment supervisor Hines has gotten an office complex in Seoul, South Korea, the company revealed on Oct 14.