Maston Investment Management Sells 'D-Tower Donuimun' to NH Nonghyup REITs Management

Alternative investment specialist asset management company Maston Investment Management announced on the 20th that it has finalized the sale of ‘D-Tower Donuimun,’ a prime office building in the CBD (Central Business District) area, to NH Nonghyup REIT Management.

This deal was achieved about four months after NH Nonghyup REIT Management was selected as the preferred negotiation partner in July. The sale price is approximately 895.3 billion KRW, which amounts to about 3,430 KRW per 3.3㎡. Along with the Samsung Fire & Marine Insurance Seocho Building ‘The Asset’ deal, it is regarded as one of the representative ‘big deals’ in the domestic commercial real estate industry.

Located in Jongno-gu, Seoul, D-Tower Donuimun is an office building with 7 basement floors and 26 above-ground floors, with a total floor area of approximately 86,000㎡. It was completed in 2020. The building is directly connected underground to Seodaemun Station on Subway Line 5, making it a super-station area building.

D-Tower Donuimun attracted significant attention even before the deal was finalized due to the accelerating ‘Flight to Quality’ trend, where tenants prefer to lease buildings with better locations and environments. It is one of the few newly constructed buildings in the CBD, where many office buildings are over 20 to 30 years old. Its direct connection to the subway and large available floor area are also advantages.

Additionally, D-Tower Donuimun received the highest ‘Platinum’ rating in the O+M (Building Operations and Maintenance) category for existing buildings from the global green building certification system LEED. It is an eco-friendly asset that earned the highest rating in the Global Real Estate Sustainability Benchmark (GRESB) evaluation. This green premium is also considered to have played a significant role in this deal.

Namgung Hoon, CEO of Maston Investment Management, said, “Despite the challenging market environment, we successfully completed the asset sale based on the know-how and capabilities we have accumulated as an alternative investment specialist asset management company.” He added, “We will continue to actively discover high-quality assets and successfully complete deals to maximize investor returns.”