SEOUL—AIG Global Real Estate has sold the International Finance Centre Seoul, which it developed in partnership with the Seoul Metropolitan Government, to Brookfield. Deal terms were not disclosed; industry data put the sale of the mixed-use complex at north of US$1.5 billion.
“We are grateful to the investors and partners, including the Seoul Metropolitan Government, who contributed to the creation of IFC Seoul over the past 13 years,” says Douglas Tymins, president and CEO of AIG Global Real Estate. “We firmly believe that Brookfield, with a successful diversified international portfolio, will further enhance the value of IFC Seoul, and serve as an invaluable partner to the Seoul Metropolitan Government.”
Construction on the project began a decade ago. It includes three office towers, a three-level retail mall and the Conrad Seoul hotel, the latter completed in 2012. The project is owned by an AIG Global Real Estate-sponsored fund.
This past June, Maell Business News Korea reported that AIG Global Real Estate and Eastdil Secured had narrowed down the list of possible IFC Seoul buyers to three, including Brookfield. The others were the Blackstone Group and a partnership of Invesco Asset Management and China Investment Corp.
Once the site of a long-defunct airport, Seoul's Yeouido district is now the city's chief financial services district. Office tenants at IFC Seoul include Deloitte, Bank of New York Mellon, CLSA, AIG, IBM Korea, Blackstone, Sony, Invesco, CBRE Global Investors, Daiwa, LaSalle Investment Management, Macquarie, China Merchant Securities and LEK Consulting, among others.
SEOUL—AIG Global Real Estate has sold the International Finance Centre Seoul, which it developed in partnership with the Seoul Metropolitan Government, to Brookfield. Deal terms were not disclosed; industry data put the sale of the mixed-use complex at north of US$1.5 billion.
“We are grateful to the investors and partners, including the Seoul Metropolitan Government, who contributed to the creation of IFC Seoul over the past 13 years,” says Douglas Tymins, president and CEO of AIG Global Real Estate. “We firmly believe that Brookfield, with a successful diversified international portfolio, will further enhance the value of IFC Seoul, and serve as an invaluable partner to the Seoul Metropolitan Government.”
Construction on the project began a decade ago. It includes three office towers, a three-level retail mall and the Conrad Seoul hotel, the latter completed in 2012. The project is owned by an AIG Global Real Estate-sponsored fund.
This past June, Maell Business News Korea reported that AIG Global Real Estate and Eastdil Secured had narrowed down the list of possible IFC Seoul buyers to three, including Brookfield. The others were the Blackstone Group and a partnership of Invesco Asset Management and China Investment Corp.
Once the site of a long-defunct airport, Seoul's Yeouido district is now the city's chief financial services district. Office tenants at IFC Seoul include
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