Samsung Life Insurance and Fire & Marine Insurance Acquire Pangyo Alpha Dome Tower for 730 Billion Won

The Largest Transaction in One Year in Seoul and Pangyo Areas

Samsung Life Insurance, Samsung Fire & Marine Insurance, and other Samsung Group affiliates have purchased the Alpha Dome Tower in Pangyo, Gyeonggi Province for approximately 730 billion KRW. This move is interpreted as a strategy to diversify their real estate asset portfolio while generating stable income.

Samsung Life Insurance and Samsung Fire & Marine Insurance, subsidiaries of Samsung Financial Networks, announced on the 16th that they signed a sales contract for the Pangyo Alpha Dome Tower with Mirae Asset Global Investments on the 14th. The transaction was made by investing a total of 728.4 billion KRW through a project fund established by Samsung SRA Asset Management. The purchase of Alpha Dome Tower is the largest transaction in the Pangyo and Seoul core areas over the past year.

Alpha Dome Tower is an office building asset completed in March 2018, consisting of 7 basement floors and 15 above-ground floors, with a total floor area of 87,901.58 square meters. It is located in the central commercial area of Pangyo, home to major ICT companies and large corporate research and development (R&D) centers, and is directly connected to Pangyo Station, offering excellent location conditions. The main tenants are Kakao and its affiliates, and a high occupancy rate of about 97% is expected to provide stable rental income.

Alpha Dome City, where Alpha Dome Tower is located, is a large-scale complex in the Pangyo area developed in 2007 through investments by six companies including Korea Land & Housing Corporation (LH) and the Korea Local Government Officials’ Mutual Aid Association. Currently, it includes Kakao Pangyo Ajit (Block 6-1), Pangyo Tech One (Block 6-2), Alpha Dome Tower (Block 6-3), and Greats Pangyo (Block 6-4).

A Samsung Life Insurance official said, "The acquisition of Alpha Dome Tower has diversified our real estate portfolio by region," adding, "We plan to continuously increase investments related to real estate in the future."