Korean firm Mastern Asset Management has bought an office tower complex on the outskirts of Seoul from ARA Korea for KRW1.02trn (€729m).

Known as Alpharium Tower, and located in the high-tech hub of Seoul, Pangyo Business District, the twin-tower complex has been held in the single-asset ARA-Alpharium REIT vehicle since 2016 when ARA acquired the then-newly-completed office towers for around KRW520m.

It is believed that investors in ARA Alpharium REIT included Korean Teachers Credit Union, the largest investor, and a Korean insurer, Nonghyup Life insurance. ARA itself held just over 10% of the REIT.

It was widely reported that the building – which was put up for sale came on the market last August – attracted bids from M&G Real Estate and a number of other institutional buyers, including IGIS Assets Management.

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