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June 16, 2024

Colliers Korea closes $780m in real estate deals

PUBLISHED : May 26, 2023 - 09:24

UPDATED : May 26, 2023 - 09:24

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Colliers Korea Managing Director Robert Wilkinson (Colliers Korea)

Colliers Korea, the Korean branch of the Canadian commercial real estate firm, said Wednesday that it has successfully closed three deals with a total value of $780 million.

"By concluding these three transactions this month, my team has shown that there are still plenty of opportunities for the smart investors (in Seoul), despite the high-interest rate environment," Colliers Korea Managing Director Robert Wilkinson said in a statement.

According to Colliers Korea, the deals encompass a combined land area of 20,487 square meters and involve three buildings in Seoul -- Munjeong Plaza, Donghwa Building and Namsan Green Building.

Munjeong Plaza, the site of Lotte Mart's Songpa branch, has been acquired by local developer Donghoon.

Donghwa Building has been purchased by JB Financial Group, with plans to renovate the 19-story building to be used as an office space for its affiliates.

Namsan Green Building, the current headquarters of SK Broadband, has been sold to the US investment firm KKR.

By Song Seung-hyun (ssh@heraldcorp.com)

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