The Canadian investment giant Brookfield Asset Management has acquired the International Finance Center (IFC) in Seoul from US financial conglomerate AIG Real Estate, completing one of the biggest single-asset property transactions in Asia this year.
The financial details were not disclosed but the firm said in a statement the acquisition had been made via a Brookfield-managed fund. PERE had reported earlier that the firm had agreed to pay around $2.3 billion for the complex.
A source who had also bid for the asset also told PERE that Brookfield’s bid has been backed by a large sovereign wealth fund.
Brookfield did not respond to email queries as of press time.
“We continue to invest in high-quality assets in sectors and geographies with appealing market fundamentals, and IFC Seoul fits within that strategy,” Brian Kingston, chief executive officer of Brookfield Property Partners, said in the statement. “Our experience in managing large-scale, multi-use commercial complexes and our global tenant relationships will enable us to continue to attract leading firms and brands to IFC Seoul.”
The 5.4 million square-foot mixed-use complex consists of three office towers, a 400,000 square-foot shopping mall and the Conrad hotel. The asset was put on the market by AIG in October last year with an initial asking price of $3.2 billion, according to prior PERE reports. The firm appointed Eastdil Secured, Wells Fargo’s investment banking arm, to advise on the sales process.
The final list of shortlisted bidders included Blackstone and Invesco Real Estate.
“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,” commented Douglas Tymins, president and chief executive officer 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.”
If you do not receive this within five minutes, please try to sign in again. If the problem persists, please email: 
