Maston Investment Management Confirms Acquisition of Doosan Tower Valued at 800 Billion KRW

[Asia Economy Reporter Eunmo Koo] Maston Investment Management announced on the 22nd that it has finalized the acquisition of Doosan Tower located in Euljiro, Jung-gu, Seoul.

Previously, Maston Investment Management and Doosan signed a sales contract for Doosan Tower the day before, with the sale price approximately 800 billion KRW. Including incidental costs, the total cost reaches 880 billion KRW.

Completed in 1998, Doosan Tower is a landmark building in the Dongdaemun area, consisting of 7 basement floors to 34 above-ground floors, with a total floor area of about 122,630㎡. It is a rare single-ownership property in the area, boasting excellent customer attraction due to favorable transportation conditions and a professional, systematic MD.

The office space (floors 15 to 33) and retail facilities (Doota Mall section, basement 3 to 5 floors) will be master-leased by the seller, Doosan Co., Ltd., and the duty-free shop area (floors 6 to 14) is expected to be leased by Hyundai Department Store Duty Free Co., Ltd., ensuring stable operation.

This single-asset purchase worth 800 billion KRW, conducted through the ‘Maston Specialized Private Real Estate Investment Trust No. 98,’ is expected to be the largest deal of the year. The deal closing is scheduled for the end of this month.

Kim Daehyung, CEO of Maston Investment Management, stated, “Despite the difficulties caused by the COVID-19 pandemic, we have successfully completed the acquisition of Doosan Tower, a representative landmark of Seoul,” and added, “Building on our capability to complete large-scale landmark deals last year and this year, we will become a more trusted asset management company in the market.”