Colliers closes three Korean real estate deals worth US$780 mil in May

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Colliers has closed three recent capital markets deals in the city of Seoul, South Korea, totaling US$780 million. The transactions, which included the sale of Munjeong Plaza for US$219 million and the sale of office development Donghwa Building to Korean conglomerate JB Financial Group for US$202 million, mark a “promising shift” in the country’s investment landscape, according to Colliers executive director for capital markets and investment services in Korea, Sungwook Cho. In addition, Namsan Green Building was sold to global investment firm KKR in a deal valued at US$368 million.The Korea capital markets team of Colliers has transacted a total of over US$1.5 billion worth of deals in the past 12 months.Chris Pilgrim, managing director, global capital markets, Apac, Colliers, explains that the team’s success in such a challenging environment is a testament to their expertise and dedication.Robert Wilkinson, managing director of Colliers Korea, further adds that the transactions demonstrate that opportunities still exist for investors in South Korea, despite high interest rates. He points out that “the fundamentals of the Seoul market remain rock solid”, with Seoul having the lowest vacancy rate of any major global city, and demand continuing to remain strong.Colliers is proud to have closed three major capital markets deals in the city of Seoul, South Korea, within one month, with the deals totaling US$780 million. Sungwook Cho, executive director for capital markets and investment services in Korea, states that the transactions signify a “promising shift” in the investment landscape of the country. Chris Pilgrim, managing director, global capital markets, Apac, Colliers, notes that the team’s performance in such a tough environment is a testament to their expertise and dedication.The transactions included the sale of Munjeong Plaza for US$219 million to local developer Dong Hoon, the sale of office development Donghwa Building to Korean conglomerate JB Financial Group for US$202 million, and the sale of office tower Namsan Green Building to global investment firm KKR for US$368 million. Over the last 12 months, the team has transacted over US$1.5 billion worth of deals in Korea.Robert Wilkinson, managing director of Colliers Korea, emphasizes the potential for investors in South Korea, despite high interest rates. Seoul is said to have the lowest vacancy rate of any major global city, and demand is continuing to stay strong. These conditions have enabled the Colliers team to transact deals successfully.Overall, the transactions mark a promising shift in the investment landscape of South Korea and demonstrate that opportunities still remain for investors.