Mastern Asset Management Taps CBRE as Additional Advisor for Second-Largest Shareholder Search

Mastern Investment Management, currently seeking a second-largest shareholder, has appointed global commercial real estate services firm CBRE as an additional sale advisor. The move aims to attract diverse investors including financial investors (FIs) and strategic investors (SIs) from both domestic and global markets. According to investment banking (IB) industry sources on Tuesday, Mastern Investment Management has additionally appointed CBRE to facilitate its search for a second-largest shareholder. Under the arrangement, Samjong KPMG handles domestic investor outreach while CBRE manages overseas investments. "Currently, a significant number of overseas investors are showing interest in Mastern Investment Management," an IB industry official said. The sale involves up to 25% of shares held by founder and advisor Kim Dae-hyung and others. While Mastern Investment Management had considered selling up to 50% of its stake, the final ceiling was reportedly set at 25%. The company recently explained to institutional investors (LPs) that even if the stake sale proceeds, the impact on its governance structure would be minimal. Market observers believe the negative impression left on LPs by Igis Asset Management's management control sale has significantly influenced Mastern Investment Management's stake sale decision. Mastern Investment Management's decision to expand its investor search overseas is interpreted as a judgment that global market entry would become more feasible. The company has established local subsidiaries to expand overseas real estate investments. Beyond office properties in Paris, France and Warsaw, Poland, it has invested in a hotel in Vienna, Austria and an Amazon logistics center in Berlin, Germany. Attracting global investors is expected to enable the company to further focus on expanding overseas investments through its international network. Mastern Investment Management recently established a board-centric management system. Building on improved governance, the company is simultaneously attracting a second-largest shareholder while accelerating its investment activities. Last year, Mastern Investment Management appointed Park Hyung-seok, formerly of Koramco, as CEO, and enhanced independence and expertise by appointing outside directors as chairs of key subcommittees including the Audit Committee, Internal Control Committee, and Risk Management Committee. Mastern Investment Management has consistently pursued the sale of its largest shareholder's stake. The current shareholding structure comprises Advisor Kim (32.5%), Mastern Co., Ltd. (9.1%), Mastern Investment Holdings (6.4%), DSN Holdings (5.7%), and Employee Stock Ownership Association (5.1%). Recently, the company had been negotiating with Daou Kiwoom Group to sell up to 50% of its stake. Mastern Investment Management proposed 500 billion won for a 50% stake, but Daou Kiwoom Group suspended negotiations, viewing the company valuation as excessively high.

Mastern Asset Management Taps CBRE as Additional Advisor for Second-Largest Shareholder Search

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