A Mirae Asset Global Investments-led consortium has entered an exclusive contract to take over the International Finance Center (IFC) Seoul, a landmark at the heart of the Yeoido financial and banking district in Seoul by offering the highest price of 4.1 trillion won ($3.2 billion).

According to the investment banking industry on Wednesday, the Mirae Asset- Haevichi Hotels & Resorts consortium beat another finalist, the IGIS Asset Management-Shinsegae Property consortium, as the preferred bidder to assume IFC Seoul from Brookfield Asset Management, Canada’s largest real estate investment firm.

The price was slightly revised down to 4.1 trillion won ($3.2 billion) from original negotiated price of 4.4 trillion won in consideration of global tightening environment.

They will finalize the deal in the third quarter of this year.

IFC Seoul is the second tallest building in Seoul. The development project hosting three office towers, the Conrad Seoul hotel, and the IFC Mall over a gross floor area of 500,000 square meters was first discussed in the early 2000s as part of the government’s plan to promote Seoul as a Northeast Asian financial hub.

The construction was completed in late 2012.

Since Haevichi, the hotel and resort business unit of Hyundai Motor Group, joined the Mirae Asset consortium at the last minute as a strategic investor, Haevichi with extensive hospitality and building management expertise is expected to play a vital role in rejuvenating IFC Seoul.

By Kang Bong-jin and Jenny Lee

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