KB Asset Management buys Samsung tower in Seoul for USD630m

KB Financial Group's asset management division has finalised the acquisition of the Samsung SDS Tower in Seoul for KRW 85 bn (USD630m), marking Asia's second-biggest office deal of the year. The purchase from Ryukyung PSG Asset Management's REIT involves a two-tower complex, home to Samsung SDS. The transaction, advised by Colliers, is the largest in Korea for the year and reflects strong investor interest in Seoul's office market. Located near Jamsil metro station, the tower boasts 99,537 square metres of space, fully leased to Samsung SDS until 2034. The deal saw competition from seven bidders and involved KB Financial Group affiliates in the buying consortium. The asset, acquired by Ryukyung PSG in 2019 for KRW 628bn, was sold to KB Asset Management with advisory from CBRE, Colliers, Cushman & Wakefield, and S-1 Corp.