Singapore’s ARA Sells Seoul Office Tower For US$853mil
SOUTH KOREA – A real estate investment trust (REIT) overseen by Singapore’s ARA Asset Management has divested the Alpharium Tower in the fringe of Seoul for 1.02 trillion Korean won (US$853 million), reported IPE Real Assets on Monday evening (7 February, SGT).
The twin-tower complex, which is situated in Seoul’s high-tech hub of Pangyo Business District, was acquired by Korean firm Mastern Asset Management.
The office development was previously owned by the single-asset ARA-Alpharium REIT entity since 2016, during which ARA purchased the then-newly-finished office towers for approximate 520 million Korean won.
It is understood that investors in ARA Alpharium REIT included Korean insurer, Nonghyup Life insurance, while the biggest investor is the Korean Teachers Credit Union. As for ARA, it had just owned more than 10 percent of the REIT.
Notably, the Alpharium Tower entered the market in August 2021, and it was widely reported that the commercial property drew bids from M&G Real Estate and several other institutional buyers, one of which was IGIS Assets Management.