South Korea’s real estate investment company Mastern Investment Management is set to become the new owner of Doosan Tower, a landmark building in Dongdaemun, central Seoul.

Mastern Investment Management said on Tuesday that it signed a contract with Doosan Group to buy Doosan Tower in Euljiro, Jung District, central Seoul, for 800 billion won. Total acquisition price would reach 880 billion won when including extra expenses to become the largest deal so far this year.

The two parties are expected to work out further details before finalizing terms this month.

Doosan Tower – built in 1998 – is a 34-story building with 7 underground floors that lies on total floor area of 122,630 square meters. The property is considered a rare item in the area as it guarantees single ownership.

The buyer is expected to benefit from multiple attraction factors and favorable transportation environment based on professional and systematic merchandizing.

Doosan – which has been selling assets for business normalization – plans to master lease offices and sales facilities while Hyundai Department Store Duty Free will rent floors six to 14 for duty free operations.

Kim Dae-hyeong, chief executive of Mastern Investment Management, said it has successfully finalized its acquisition of Seoul’s landmark Doosan Tower despite business challenges stemming from coronavirus. He said the company will solidify its position as an asset manager by completing large-scale landmark deals this year as last year.

By Pulse

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