DL Donuimun D Tower (photo = DL E&C)

 

[Alpha Biz= Reporter Kim Jisun] According to investment banking (IB) industry sources on the 8th, Mastern Investment Management has selected a consortium of Colliers, CBRE, and Deloitte Anjin as the lead managers for the sale of D Tower Donuimun and recently finalized the contract. This month, Mastern Investment Management will conduct the sale bidding process for D Tower Donuimun through these lead managers.

Currently, DL Group utilizes the building as its headquarters. Approximately 3,000 employees from DL&C, who previously worked at Daerim Building in Sosong-dong, Jongno-gu, and D Tower Gwanghwamun, as well as employees from DL Chemical and DL Energy, subsidiaries of DL Group, and around 40 years after moving to this location, are currently located here.

It took 11 years from project approval in 2009 to completion in 2020 for D Tower Donuimun. At that time, the project was halted due to financial difficulties, including project financing (PF) guarantee issues, when the construction company, Kumho Industry, entered a workout. Subsequently, Hana Asset Trust purchased Kumho Industry's PF loan receivables and selected Hyosung as the construction company to complete the construction.

D Tower Donuimun is regarded as a prime property with excellent conditions. It is located at the intersection of Line 5 Seodaemun Station Square, adjacent to the central business district (CBD), and is an ultra-premium asset connected to the subway station via underground passages. As DL Group uses it as its headquarters, stable rental income can be expected.

In the real estate industry, considering that the price per 3.3 square meters of the CBD prime office building Concordian Building, which was traded last year, was 37 million won, it is anticipated that the asset value per 3.3 square meters of D Tower Donuimun, a newly constructed office building with a pleasant working environment despite its slightly lower location, would be around 34-35 million won, with a total transaction price expected to be in the range of around 900 billion won. If this estimation holds, Mastern Asset Management could realize a price difference of more than 250 billion won in four years.

However, attention is being paid to the role of DL Group, a major tenant and fund investor. DL Group's lease agreement expires at the end of next year.

 

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