Mirae Asset Global Investments Signs Memorandum of Understanding to Acquire IFC

Yeouido IFC Panorama

[Asia Economy Reporter Junho Hwang] Mirae Asset Global Investments signed a memorandum of understanding (MOU) on the 30th to purchase the Yeouido International Finance Center (IFC).

Mirae Asset Global Investments signed an MOU with Brookfield Asset Management on the 26th for the purchase of the IFC and completed the deposit payment. The two companies will sign the final contract and complete the remaining payment to finalize the transaction within the third quarter.

The IFC consists of three office buildings, the Conrad Hotel, and five real estate properties in the IFC Mall. There are five domestic special purpose companies (SPCs) that each own these properties. Mirae Asset Global Investments will acquire the shares of the five domestic SPCs through this transaction.

Once Mirae Asset Global Investments acquires the IFC, the ownership of the key building in Yeouido, the financial hub, will change to a domestic company for the first time. The IFC was built by AIG, a U.S. multinational comprehensive financial company, and was purchased and managed by Canadian alternative asset manager Brookfield Asset Management in 2016. The rental income generated from the IFC since its completion is estimated to be 1 trillion KRW. Mirae Asset Global Investments explained, "This transaction will break the chain of capital outflow abroad through building rental fees."

Mirae Asset Global Investments stated, "Through this IFC acquisition, we will provide stable returns generated from prime assets to investors including pension funds, and based on the know-how accumulated from managing various types of real estate such as offices, hotels, and retail, we expect additional investment effects."

Meanwhile, Brookfield Asset Management will pay capital gains tax to the Korean government due to the sale of the IFC.

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