Mirae Asset Management Selected as Preferred Negotiation Partner for Seoul International Finance Center (IFC)

Goal to Complete Sales Contracts in Q3

[Asia Economy Reporter Hwang Yoon-joo] Mirae Asset Global Investments has been selected as the preferred negotiator for the IFC Mall M&A (mergers and acquisitions).

According to the investment banking (IB) industry on the 11th, Brookfield Asset Management selected Mirae Asset Global Investments as the preferred negotiation partner for IFC. The two companies plan to conduct additional discussions to complete the IFC deal within the third quarter.

Canadian alternative asset manager Brookfield Asset Management Inc. acquired IFC in 2016. IFC consists of three office buildings, the Conrad Hotel, and the IFC Mall, with a total floor area of approximately 153,160 pyeong. Domestic and international financial and multinational companies such as Deloitte Anjin, BNY Mellon, CLSA, AIG, IBM Korea, and SONY are tenants.

Mirae Asset Global Investments is known to have significantly lowered the purchase price of IFC during the final bidding process, improving investment returns based on its excellent real estate investment track record and its ability to raise funds and investors.

Going forward, Mirae Asset Global Investments plans to acquire IFC by newly establishing a private REIT, and institutional investor demand for IFC, a ‘super core’ asset, is expected to surge. Mirae Asset Group is also reported to invest in IFC together with domestic and foreign institutions.

In the future, Brookfield Asset Management will pay taxes related to the sale of IFC in Korea upon the completion of the transaction.

This content was produced with the assistance of AI translation services.