South Korea’s economic daily newspaper, KED Global, reported in August that Mirae Asset is eyeing the acquisition of the Landmark 72 skyscraper in Hanoi, Vietnam.
Landmark 72 Complex
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Mirae Asset Securities of South Korea and the shareholders of the Landmark 72 complex, which includes the second-tallest skyscraper in Vietnam, the Keangnam Hanoi Landmark Tower, are eyeing attractive profits as global reinsurance company AON Plc, the owner of the property, is looking to sell 100% of its shares in the real estate asset for over 1 trillion won ($748.5 million).
According to sources from investment banks in Seoul, the New York Stock Exchange-listed reinsurance company, Mirae Asset, is in negotiations with potential investors to sell all shares of the building located in Nam Tu Liem District, Hanoi.
The sources said that several property management and infrastructure companies are also considering the purchase of this skyscraper.
In 2015, AON successfully acquired this property for 454 billion won (approximately 8.383 trillion VND at the current exchange rate) from SM Keangnam Enterprises Ltd., a mid-sized construction company in South Korea that built this skyscraper. Goldman Sachs and Qatar Investment Authority (QIA) were outbid.
Global institutional investors, including Mirae Asset, participated in the deal in 2015. Mirae Asset invested 300 billion won (5.539 trillion VND) in secured loans and 100 billion won in convertible bonds (CB) in this real estate and sold the first mortgage debts.
Sources said that Mirae Asset still holds the bonds and is considering converting them into common stock.Â
SM Keangnam Enterprises, formerly known as Keangnam Enterprises, established the 608,946-square-meter Landmark 72 complex in 2012. The property includes a 72-story mixed-use tower that stands at 350 meters tall and two 48-story residential twin towers that are 212 meters tall. The 72-story tower, which comprises office and retail space, was Vietnam’s tallest building until VIN Group (HOSE: VIC) constructed the 81-story, 461-meter-tall Landmark 81 in 2018.
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