Aberdeen Asset Management, a British asset management company, will acquire the 'Pacific Tower' located in Seosomun-dong, Jung-gu, Seoul.
According to the investment bank (IB) industry on the 28th, Pebblestone Asset Management recently signed a stock purchase agreement (SPA) with Aberdeen Asset Management for the Pacific Tower. The acquisition price is reported to be about 580 billion won.
The Pacific Tower, located at 135 Seosomun-dong, Jung-gu, Seoul, is an office building with 7 basement floors and 23 above-ground floors. It has a site area of 3,525.1 square meters and a total floor area of 59,500.43 square meters. Major tenants include Chanel, Huawei, and Kyobo Life Insurance.
The Pacific Tower was developed by the Myungsi Academy Foundation and constructed by Myungji Construction, completing in 2002. Afterward, it was acquired by Pebblestone Asset Management for about 430 billion won in 2018, after previously being owned by Midas Asset Management and Deutsche Asset Management (now known as DWS Asset Management).
Pebblestone Asset Management initially attempted to sell the property last November but ultimately could not find a buyer, extending the fund's maturity after loan refinancing this March. Subsequently, it held another bidding, with participation from Aberdeen Asset Management and Chinese private equity fund Pacific Alliance Group (PAG) and EGIS Asset Management. Pebblestone Asset Management has been reported to have selected Aberdeen Asset Management as the preferred negotiating partner in May, considering the acquisition price and transaction closing capability.