Doosan Tower sells for 800 billion won as financial woes continue
Doosan Corporation is selling Doosan Tower in central Seoul to a real estate investment company for 800 billion won ($687 million).
Following a board meeting held Monday, Doosan reported in a regulatory filing that its landmark building will be sold to Mastern Investment Management.
Doosan Tower is scheduled to be sold on Sept. 28.
The decision is part of the company’s effort to improve its finances, which have been hit hard by Covid-19.
To improve its financial status, the conglomerate has been issuing new stocks for its affiliates as well as selling off assets.
Doosan Group received a 3.6-trillion-won bailout from state-run banks this year.
Earlier this month, Doosan Heavy Industries & Construction announced it would issue 1.3 trillion won in new stocks. In July, Doosan Corporation signed a memorandum of understanding with SkyLake Investment, a local private equity firm founded in 2006, to sell its stake in Doosan Solus.
SkyLake Investment recently bought an 18.05 percent stake in Doosan Solus from Doosan Corporation for 238.2 billion won.
Doosan Tower, located in Jung District, central Seoul, was completed in 1998. The 122,630-square-meter (1,319,978-square-foot) building has seven basement levels and goes up to a 34th floor.
Doosan Group is currently building a new headquarters in Bundang, Gyeonggi, scheduled to be completed within this year. Doosan Infracore and Doosan Bobcat are expected to move to the new building.
BY JIN MIN-JI [firstname.lastname@example.org]