Koramco has been selected as the preferred bidder for the sale of the Bundang Doosan Tower, which is currently used as the Doosan Group's headquarters.
According to the investment banking (IB) industry on the 4th, Koramco REITs Management and Trust is set to hold a board meeting on the 5th to decide on Koramco Asset Management as the preferred bidder for the sale of the Bundang Doosan Tower in Seongnam, Gyeonggi Province. Koramco Asset Management is reported to have submitted a purchase price of approximately 790 billion won.
The previous bid for the sale involved three asset management firms, including Korea Investment Real Asset Management, Hanwha Asset Management, and Koramco Asset Management. The sale advisory was handled by Korea Investment & Securities, a REITs investor of Koramco REITs Management and Trust, and Deloitte Anjin.
Completed in 2020, Bundang Doosan Tower is located at 161 Jeongja-dong, Bundang-gu, Seongnam, Gyeonggi Province. The large office building spans 12,855 square meters, with 7 floors underground and 27 above ground. It features a visually appealing exterior characterized by an aesthetic connection between the tops of two buildings via a sky bridge.
Since its completion, Bundang Doosan Tower has largely been leased by Doosan Group subsidiaries, including Doosan, Doosan Bobcat, Doosan Enerbility, and Doosan Robotics. Some floors are currently occupied by SK hynix and Hitachi. The basic lease period for the Doosan Group is set at five years, extendable to a maximum of 2031 if the extension option is exercised. The rental fee as of last year was approximately 33.2 billion won.
Earlier, Doosan Group sold Bundang Doosan Tower to Koramco REITs Management and Trust as part of its restructuring due to a liquidity crisis in 2021. At that time, Koramco REITs Management and Trust partnered with Doosan Group to establish a REITs to raise funds. Of the 160 billion won in equity funds, 110 billion won of 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 provided by Doosan Group, and 20 billion won was contributed by Korea Investment & Securities. The total transaction amount was approximately 620 billion won.