Acquisition of Alpha Dome Tower located in PanGyo, South Korea

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