Soop acquires new Pangyo headquarters for W131.5b

Soop, South Korea's leading solo-creator streaming platform formerly known as AfreecaTV, will spend 131.5 billion won ($95.6 million) to acquire a new headquarters in Pangyo — its first owned office building in 20 years of operation.

Soop disclosed Friday that it will purchase the land and building at GB2-C, 25 Pangyo-ro 256beon-gil, Bundang-gu, Seongnam, Gyeonggi Province. The final payment is due Sept. 30.

The company said it will fund the purchase through a combination of internal capital and borrowings from financial institutions.

Soop currently operates out of offices in Pangyo Techno Valley at 15 Pangyo-ro 228beon-gil, Bundang-gu, Seongnam.

The company said its management, technology and business divisions, along with affiliates, have become scattered across multiple locations as its services and business scope expanded, prompting the decision to consolidate operations under one roof.

The new building will serve as both the company's headquarters and an R&D center. Soop plans to complete the reorganization of its management, technology and business units and key affiliates' workspaces in phases, beginning in the fourth quarter of this year and wrapping up by the first quarter of 2028.

"This acquisition is a medium-to-long-term investment aimed at strengthening collaboration across teams and responding more nimbly to a changing business environment," a Soop official said. "We will carry out the move-in and organizational realignment in a stable manner to deepen connectivity between teams and further build our capacity for technological innovation and business growth."