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Brookfield to acquire IFC Seoul for W3tr: report

[THE INVESTOR] Brookfield Asset Management, a Canada-based alternative asset management company, is expected to be named as a preferred bidder to acquire a landmark complex in Yeouido, western Seoul.

The bidding price is said to exceed more than 3 trillion won (US$2.70 billion), according to news reports on July 15.

Together with Brookfield, several bidders, including private equity fund Blackstone Group and Singapore-based real estate investment company Ascendas, participated in the recent bidding war. 

The IFC Seoul complex in Yeouido, western Seoul
The IFC Seoul complex in Yeouido, western Seoul

“Brookfield’s ranking officials recently contacted AIG,” an unidentified industry sources was quoted as saying by a local news outlet. “CIC (China Investment Corporation) is also likely to participate as an investor.”

Back in 2006, Seoul City teamed up with US-based AIG Real Estate to create the IFC Seoul complex consisting of three tower buildings with aims to attract global financial services companies to Yeouido, the city’s financial hub.

Under a contract that the complex can be sold off after 10 years of ownership, AIG has sought a new owner since early this year.

Industry watchers predict Brookfield has offered more than 3 trillion won to purchase the facilities. AIG’s investment, including construction costs, is estimated at about 1.8 trillion won.

By Lee Ji-yoon (jylee@heraldcorp.com)
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