[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. 

“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">jylee@heraldcorp.com)