Hines acquires KRW320 bil office building in Seoul
This is Hines’ second office space financial investment in the country. In June 2022, the firm acquired the 322,917 sq ft Westgate Tower office complex in Seoul’s CBD.
Hines plans to accomplish the LEED Operation and Maintenance Gold certification by boosting its sustainability efficiency. LEED sets for Leadership in Energy and Environmental Design, an around the world made use of eco-friendly building rating system.
The building was bought from Hanssem, one of the largest household furniture producers in South Korea. Hanssem is going to maintain its headquarters at the property following an extensive lease.
Hines has apparently obtained 87% of the preferred shares in Gravity General Private Property Investment Company No. 8.
US-based multinational property assets manager Hines has gotten an office building in Seoul, South Korea, the business announced on Oct 14.
Situated at 179 Seongam-ro, Mapo-gu, Seoul, the office building utilizes over 710,418 sq ft throughout 22 storeys. It is situated in Seoul’s Digital Media City, which is home to South Korea’s largest media and broadcasting companies.
Arina East Residences floor plan
Harry Lee, state head of South Korea at Hines, says that Seoul offices continue to be one of Hines’ high certainty areas. He includes: “Given the property’s place and strong leasing fundamentals, we’re positive about the market value the asset can give both investors and business office lessees.”
While Hines did not display the economic conditions of the transaction, several Korean news channels revealed in August that the property had been brought KRW320 billion ($ 308 million) to Gravity General Private Realty Investment Company No. 8, a unit under Korean investment company Gravity Asset Management.
“Hines sees sustainability as a valuation creation strategy. Energy conservation gauges reduce working expenses, and catering to renter wellness has actually benefited leasing. We’re certain that Hanssem will likely be another example of exactly how we have the ability to duplicate success,” Lee states.