Samsung SDS Tower sold for US$630 mil, largest deal in South Korea to date year

Sungwook Cho, managing director and head of capital markets of Colliers Korea, and his team are “incredibly proud” to have achieved the largest single-asset office transaction in the Asia Pacific region so far this year. The transaction, which is valued at US$630 million ($860 million), involves the sale of the Samsung SDS Tower — a 1,071,407 sq ft property located in the extended area of the Gangnam Business District.

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The sale began in the second half of last year and comes as a major milestone for Cho, who took the role at the Nasdaq and Toronto Stock Exchange-listed diversified professional services and investment management firm in July.

The team gained recognition in May following the successful closure of three deals worth a combined US$780 million. This included the sales of Munjeong Plaza, Donghwa Building and Namsan Green Building, the only major transactions in Seoul’s main business districts then.

Cho remarks that the transaction has been considered a smart investment move by KB Asset Management, considering the steady cash-flow from Samsung SDS using the building as its headquarters. “This factor also helped attract major Korean investors to the deal,” he adds.

Chris Pilgrim, Colliers’ Asia Pacific managing director of global capital markets, commends the team’s determination and commitment in securing a suitable buyer for the prime commercial property.

He notes that the significance of the sale extends beyond the large transaction value. “This could potentially encourage further investments in prime-rate buildings in the Korean market,” Pilgrim shares.

The team’s successful closure of the Samsung SDS Tower deal this year signals hope in the real estate investment market, despite subdued market conditions. Investors are indeed expecting Asia Pacific real estate investments to accelerate in 2021, with Singapore being the top most source of global capital in the first half of the year.