This article was published on Aug. 11, 2025, at 4:03 p.m. on the ChosunBiz MoneyMove site.
The sale of Doosan Tower, a landmark office in Dongdaemun that attracted attention with a valuation close to 1 trillion won, has returned to square one. The existing preferred negotiator, Korea Investment & Securities, teamed up with its competitor, EGIS Asset Management, but failed to close the deal. EGIS Asset Management plans to challenge the acquisition on its own.
On the 11th, according to the investment banking (IB) industry, Mastern Investment Management decided to extend its Fund No. 98, which includes Doosan Tower, through refinancing ahead of its September maturity. It had selected Korea Investment & Securities as the preferred negotiator in February but failed to close the transaction.
In the bidding held in early February, a total of three companies participated: Korea Investment & Securities, EGIS Asset Management, and Kiwoom Asset Management. Korea Investment & Securities, selected as the preferred negotiator, planned to convert Doosan Tower into a hotel in partnership with EGIS Asset Management. The two companies signed a memorandum of understanding together. EGIS Asset Management was to handle product development and overall structure, while Korea Investment & Securities was responsible for fundraising.
However, by the time the memorandum of understanding deadline arrived on July 31, a sales contract had not been signed, and ultimately, EGIS Asset Management received its performance deposit back on the 1st. An industry insider noted, "Originally, Korea Investment & Securities intended to acquire Doosan Tower through a fund, but upon hearing about EGIS Asset Management's hotel conversion plan, they proposed collaboration. It seems they ultimately lost their status as the preferred negotiator due to difficulties in attracting investors."
Doosan Tower is an office building with 7 underground floors and 34 above-ground floors, with a total floor area of 122,630 square meters. Completed in 1998, it has established itself as a landmark in Dongdaemun, the largest fashion hub in Korea. Located adjacent to Dongdaemun History and Culture Park Station, where lines 2, 4, and 5 intersect, it boasts excellent transportation accessibility and is a preferred area for tourists. Mastern Investment Management acquired Doosan Tower from Doosan for 800 billion won in 2020 after the company entered creditor management.
Mastern Investment Management put Doosan Tower on the market last October. It selected Avison Young and S1 as sales consultants. With a sale price mentioned in the trillions of won, Doosan Tower has been regarded as one of the big catches in this year's commercial office market. In the bidding held in early February, a total of three companies participated, including EGIS Asset Management, Kiwoom Asset Management, and Korea Investment & Securities, with Korea Investment & Securities selected as the preferred negotiator. The acquisition price was reportedly in the low range of 900 billion won.
At that time, Doosan Tower housed offices for the Doosan Group, Hyundai Duty Free, and Doota Mall. However, the Hyundai Duty Free store, located on the 6th to 13th floors, has since closed. Although Hyundai Duty Free secured operational rights for the next five years at the end of last year, it ultimately halted operations due to deteriorating market conditions. Korea Investment & Securities and EGIS Asset Management planned to transform this area into a hotel.
While collaboration with Korea Investment & Securities has fallen through, EGIS Asset Management is reported to have a firm intention to acquire Doosan Tower. Another industry insider stated, "EGIS Asset Management is believed to be modifying the acquisition structure and tapping other major securities firms to raise funds for the purchase." He added, "Mastern Investment Management plans to buy time through fund refinancing to continue pursuing the sale of Doosan Tower, so the sale is expected to proceed without issues."