Hines acquires KRW320 bil office building in Seoul

Harry Lee, country head of South Korea at Hines, says that Seoul office spaces continue to be one of Hines’ high conviction locations. He adds: “Given the property’s location and strong leasing fundamentals, we’re affirmative about the market value the possession can offer either investors and business office renters.”

Hines plans to achieve the LEED Operation and Maintenance Gold license by boosting its sustainability performance. LEED sets for Leadership in Energy and Environmental Design, an around the world utilized eco-friendly building score system.

“Hines sees sustainability as a market value creation method. Energy conservation measures lessen working costs, and catering to tenant wellness has actually been good for leasing. We’re confident that Hanssem will be another sample of how we’re able to reproduce success,” Lee says.

This is Hines’ 2nd office investment in the country. In June 2022, the business acquired the 322,917 sq ft Westgate Tower office complex in Seoul’s CBD.

While Hines did not display the financial terms of the agreement, several Korean news avenues revealed in August that the structure had actually been yielded KRW320 billion ($ 308 million) to Gravity General Private Realty Investment Company No. 8, a unit under Korean investment firm Gravity Asset Management.

8@BT Singapore

Hines has actually reportedly acquired 87% of the preferred stock in Gravity General Private Real Estate Investment Company No. 8.

The establishment was purchased from Hanssem, one of the biggest home furniture producers in South Korea. Hanssem is going to maintain its headquarters at the property beneath an extensive lease.

Situated at 179 Seongam-ro, Mapo-gu, Seoul, the office building inhabits over 710,418 sq ft across 22 storeys. It is positioned in Seoul’s Digital Media City, which is home to South Korea’s biggest media and broadcasting companies.

US-based international property investment manager Hines has recently gotten an office complex in Seoul, South Korea, the business announced on Oct 14.


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