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Lee & Ko advised Samsung SRA Asset Management on its acquisition of Alpha Dome Tower located in PanGyo, South Korea, which has Kakao Corporation and its subsidiaries as the main tenants of the property, by a private real estate investment trust established by Samsung SRA Asset Management. This transaction was carried out by purchasing the property from the seller, a real estate investment trust managed by Mirae Asset Global Investments. Considering the purchase price and the size of the property, this transaction was undoubtedly the largest transaction among sale and purchase transactions involving office buildings in the first half of 2023. 

Despite the stagnant commercial real estate market, Lee & Ko contributed to the successful closing of the transaction within the scheduled time frame by carrying out efficient and effective legal service throughout every stage of the transaction, including conducting due diligence on the property, drafting/negotiating/executing the sale and purchase agreement, reviewing the transaction structure pursuant to the applicable laws and regulations, establishing a purchasing fund and drafting and reviewing the loan agreement which are in the ordinary course of sale and purchase of office buildings, and also by providing legal advice on various real estate-related matters including legal issues with retail tenants arising from the transfer of the ownership of the property
 

Lee & Ko advised IGIS Asset Management Co., Ltd. in its USD 109.8 Million acquisition of a private student housing asset located near the University of Illinois Urbana-Champaign  through its real estate investment company within the meaning set forth in the Real Estate Investment Company Act. 

As housing costs increases in the last several years, particularly after the Covid-19 pandemic, student housing assets have attracted significant attention in the US real estate market. Illini Tower is a 207-unit asset with total area of 21,200㎡ and was particularly attractive as it is a private certified housing located within the University of Illinoi Urbana-Champaign campus. 

Lee & Ko, together with a US law firm, led each stage of the transaction and provided timely advice on all aspects of the same, including the transaction structure review, legal due diligence and contract negotiation. Having represented clients in their acquisition or investment in multiple US student housing assets, Lee & Ko’s Real Estate Practice Group is again recognized for its deep understanding and expertise in transactions of this type.