Doosan Towers to be Sold for W700B as Part of Restructuring Plan

Doosan Group is in the final stage of negotiation for the sale of its Doosan Tower to Mastern Investment Management for roughly 700 billion won.

Doosan has been using the property, located at the Dongdaemun Shopping Complex in eastern Seoul, as the headquarters of its holding company for over two decades.

The group intends to lease Doosan Tower from Mastern after they complete the sale.

Doosan Tower is 34-story high and has seven basement levels, with 122,630 square-meter floor space.

Doosan Tower is on track to become the first asset to be sold by the group following the self-restructuring plan that was approved by its creditors, including the Korea Development Bank, in April.

Under the self-restructuring, Doosan Group needs to secure around 3 trillion won to salvage its key subsidiary Doosan Heavy Industries & Construction, in exchange for the creditors’ bailout.

Other assets of the group that may be up for sale are Doosan Solus and Doosan Fuel Cell.