This article was published on Aug. 7, 2025, at 2:45 p.m. on the ChosunBiz MoneyMove site.
The acquisition of Doosan Group's Bundang Doosan Tower, which is being used as a consolidated headquarters, has been narrowed down to a three-way competition. Given its status as a landmark asset in the Bundang business district of Seongnam, top domestic asset management firms have participated. However, since Doosan Group holds a right of first refusal after selling the building due to liquidity crises four years ago, it is expected to take time before a final acquirer is decided.
According to investment banking (IB) industry sources on the 7th, three firms—Koramco REITs Management and Trust, Hanwha Asset Management, and Koramco Asset Management—participated in the main bidding for the sale of the Bundang Doosan Tower, which is held by Koramco through a REIT. It is reported that strategic investors (SIs) did not participate as Doosan Group has a long-term lease agreement for the building. The sale advisory is provided by Korea Investment & Securities, a REIT investor in Koramco, and Deloitte Anjin.
The sellers confirmed that they have already conducted interviews with the three participating management firms on the 5th. Currently, the consulting firms are verifying the bidders' funding capabilities and the feasibility of the acquisition. Following this, fund shareholders including Koramco REITs Management and Trust, Hyundai Investment Asset Management, and Mplus Asset Management will make their final decision. The price proposed by the bidders is reported to be around 800 billion won.
This deal may be influenced by Doosan Group's right of first refusal. Given that the sale target is a trophy asset symbolizing Doosan Group and that its value is expected to rise, there are forecasts that the group might reinvest. There are also discussions about the possibility of teaming up with a new acquirer to invest in common stocks. Previously, Doosan Group had acted as an investor when it sold the building to Koramco REITs Management and Trust.
The Bundang Doosan Tower, completed in 2020, is located at 161 Jeongja-dong, Bundang-gu, Seongnam. It is a large office building with 7 underground floors and 27 above-ground floors, covering a total area of 128,550 square meters. The aesthetic exterior is characterized by two connecting sky bridges at the top of the two buildings. It is highly regarded for its excellent accessibility to Seoul and other areas in the metropolitan area, being adjacent to Jeongja Station of the Suin-Bundang Line and the Gyeongbu Expressway.
Since its inauguration, Bundang Doosan Tower has been leased mostly by Doosan Group affiliates such as Doosan Corporation, Doosan Bobcat, Doosan Enerbility, and Doosan Robotics. Some floors are used by SK hynix and Hitachi. The basic lease term for Doosan Group is five years, extendable to a maximum of 2031 if the extension option is exercised. As of last year, the lease fee was around 33.2 billion won.
Earlier, Doosan Group sold the Bundang Doosan Tower to Koramco REITs Management and Trust as part of restructuring due to a liquidity crisis in 2021. At that time, Koramco REITs Management and Trust established a REIT with Doosan Group to raise funds. Of the equity funds of 160 billion won, 110 billion won in preferred shares were invested by Hyundai Investment Asset Management and Mplus Asset Management. Of the remaining 50 billion won in common shares, 30 billion won was funded by Doosan Group and 20 billion won by Korea Investment & Securities. The total transaction amounts to around 620 billion won.
An industry insider stated, "Given the large size of the transaction and the presence of several REIT investors, it is expected to take some time before a preferred negotiator is selected," and added, "Once the preferred negotiator is chosen, we will assess whether Doosan Group will exercise its right of first refusal before selecting the final acquirer."