The 'Pangyo Techno Tower' in Bundang, Seongnam, is on the market.
According to the investment banking (IB) industry on the 20th, Mirae Asset Global Investments recently sent a request for proposal (RFP) to select a consulting firm for the sale of the Pangyo Techno Tower. The company plans to accept proposals until the 26th and to commence the actual sale within the first half of this year.
The Pangyo Techno Tower, referred to as a trophy asset, is a large office asset with 7 basement floors and 15 above-ground floors, covering a total area of 197,236 square meters. It is located at 534 Baekhyeon-dong, Bundang-gu, Seongnam. Major tenants include Naver and Kakao, with Naver leasing some space to Hyundai Motors through a sublease agreement.
Mirae Asset Global Investments holds this asset through the Mirae Asset Maps General Private Real Estate Investment Trust No. 62. The fund's maturity is in 2027, which suggests that Mirae Asset Global Investments is proactively pushing for the sale. The market estimates the sale price to be in the range of the late 1 trillion to 2 trillion won.