This article was posted on the ChosunBiz MoneyMove (MM) site at 4:25 p.m. on Sept. 25, 2025.
Korea Investment Real Asset Management, an alternative investment specialist asset manager, will acquire Pangyo Tech One Tower, considered this year's biggest big deal in commercial offices. After being selected as the preferred negotiator in July, it recently completed due diligence and finalized the acquisition price and financing structure.
According to the investment banking industry on the 25th, KIR Asset Management recently completed due diligence on the acquisition of Pangyo Tech One Tower. The sale price, including the building and land, was confirmed at about 1.982 trillion won. The final transaction amount, including acquisition tax and incidental expenses, is expected to be about 2.21 trillion won. KIR Asset Management will include Tech One Tower in the newly established The First No.1 REIT last month.
Korea Investment Holdings and KakaoBank will provide funds for common shares, and the additional equity of about 350 billion won will be arranged through a bridge loan. The plan is to repay the bridge loan through a REIT public offering after the Tech One Tower acquisition is completed. About half of the remaining acquisition amount, 1.11 trillion won, was structured as a three-year senior secured loan.
In the July bidding, domestic and foreign investors such as KIR Asset Management, Capstone Asset Management, Keppel Asset Management, Create Asset Management·Colberg Kravis Roberts (KKR), Smilegate, the Government of Singapore Investment Corporation (GIC), and KOREIT participated in large numbers. The seller selected KIR Asset Management, which attracted KakaoBank as a strategic investor (SI) considering funding ability and the likelihood of deal closing, as the preferred negotiator.
Completed in 2021, Pangyo Tech One Tower is a premier core office asset located in Pangyo, Bundang-gu, Seongnam, Gyeonggi Province. It is a project directly developed by Mirae Asset Management from 2017 as part of the Alphadom City development, consisting of seven basement levels to 15 aboveground floors with a total floor area of 197,236 square meters (about 60,000 pyeong).
Tech One Tower is currently being used as the headquarters by KakaoBank. Naver has leased 12 floors long-term until 2032. A-list tenants such as Hyundai Motor, LIONHEART STUDIO, the law firm Lee & Ko and the law firm BAE, KIM & LEE LLC also occupy Tech One Tower. Deal closing is expected in the second half of this year.