Hines acquires KRW320 bil office building in Seoul
Harry Lee, state head of South Korea at Hines, states that Seoul workplaces remain to be one of Hines’ high certainty locations. He adds: “Given the property’s spot and strong leasing fundamentals, we’re affirmative concerning the price the asset can offer both financiers and workplace lessees.”
“Hines views sustainability as a market value creation strategy. Energy conservation gauges lessen serviceable costs, and catering to occupant wellness has actually benefited leasing. We’re positive that Hanssem is going to be another good example of how we’re able to reproduce success,” Lee claims.
US-based global real estate assets manager Hines has already obtained an office complex in Seoul, South Korea, the business revealed on Oct 14.
Hines has actually reportedly acquired 87% of the preferred stock in Gravity General Private Real Estate Investment Firm No. 8.
Hines intends to achieve the LEED Operation and Maintenance Gold certificate by improving its sustainability performance. LEED ranks for Leadership in Energy and Environmental Design, an around the world made use of green property ranking system.
This is Hines’ 2nd office financial investment in the country. In June 2022, the firm obtained the 322,917 sq ft Westgate Tower office building in Seoul’s CBD.
Located at 179 Seongam-ro, Mapo-gu, Seoul, the office complex takes up over 710,418 sq ft across 22 storeys. It is situated in Seoul’s Digital Media City, which is home to South Korea’s largest media and broadcasting business.
While Hines did not publish the financial conditions of the arrangement, several Korean news channels reported in August that the property had been brought KRW320 billion ($ 308 million) to Gravity General Private Real Estate Investment Firm No. 8, a unit under Korean investment company Gravity Asset Management.
The establishment was purchased from Hanssem, one of the biggest furniture manufacturers in South Korea. Hanssem will preserve its main office at the property under a long-term lease.