KB News Desk
Deal completed after failed 2025 bid, with NH Investment and Hana Bank providing financing
Igis Asset Management has completed its acquisition of Doosan Tower in central Seoul in a deal worth more than 900 billion won ($612 million), about a year after an earlier attempt to buy the landmark property fell through.
Igis paid the remaining balance and closed the transaction Monday, according to industry reports.
The 33-story office and retail complex in Dongdaemun was previously owned by Mastern Investment Management, which acquired it from Doosan Group for about 800 billion won in 2020. The latest deal is estimated to exceed 900 billion won, including related costs.
Mastern listed the property in February 2025, ahead of the maturity of the fund holding the asset. Korea Investment & Securities was selected as the preferred bidder but failed to secure investors, bringing negotiations to an end in July.
Igis, which had initially pursued a joint acquisition with Korea Investment, later returned with a revised investment structure and financing plan.
Reports show that NH Investment & Securities and Hana Bank participated in the financing, while Doosan is also understood to have invested in the acquisition fund.
Doosan Tower has seven basement levels and 33 floors above ground, with a total floor area of 122,586 square meters.
Igis is expected to explore repositioning the property with a mix of hotel, office and retail space.
The acquisition comes as Igis expands its portfolio of major Seoul properties. The Seoul-based asset manager was also selected earlier in July as the preferred bidder for K-Twin Towers in Gwanghwamun.
