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Mirae Asset picked as preferred bidder for multiuse complex IFC Seoul

Economy 14:57 May 11, 2022

SEOUL, May 11 (Yonhap) -- South Korean major asset manager Mirae Asset Global Investments Co. was selected as the preferred bidder to purchase a landmark complex in Yeouido, industry sources said Wednesday.

Brookfield Asset Management Inc., a Canada-based global asset manager and current owner of the International Finance Center (IFC) Seoul in Yeouido, picked Mirae Asset Global Investment as the preferred bidder for the city's iconic multiuse complex, according to the sources.

Brookfield and Mirae Asset Global aim to finalize the deal estimated at slightly over 4 trillion won (US$ 3.22 billion) within the third quarter this year, they said.

Mirae Asset plans to set up a private REITs firm to purchase the IFC Seoul. The asset manager's parent firm, Mirae Asset Group, and other investors also allegedly plan to fund the deal.

IFC Seoul consists of three office towers, which house big name multinational companies, Conrad Seoul Hotel and the IFC Mall.

The construction of the commercial complex whose development started in 2006, led by AIG Group, was completed in 2012.

Brookfield purchased the complex in 2016 for 2.55 trillion won.

The undated photo, provided by Mirae Asset Global Investments Co. on May 11, 2022, shows the International Finance Center (IFC) Seoul in Yeouido. (PHOTO NOT FOR SALE) (Yonhap)


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