Alphabiz - IFC Seoul Deal Faces New Uncertainty as Court Freezes Brookfield’s Stake Following Mirae Asset’s Request

Photo courtesy of Yonhap News

[Alpha Biz= Paul Lee] Uncertainty surrounding the sale of the International Finance Center (IFC) in Yeouido—one of Seoul’s most prominent office complexes—has deepened as tensions between Mirae Asset Global Investments and Brookfield Asset Management have escalated once again.

Mirae Asset recently filed for a provisional attachment on Brookfield’s IFC-related stake, and the Seoul Southern District Court approved the request, with the order taking effect on November 18. As a result, Brookfield is temporarily barred from selling or disposing of its IFC stake or receiving any economic benefits from it.

This development has pushed back prospects for what was expected to be Seoul’s last trillion-won office transaction of the year, casting the IFC sale back into uncertainty.

According to industry sources on the 25th, the debtor named in the provisional attachment is BSRP II (Brookfield Strategic Real Estate Partners II), the global private real estate fund that Brookfield used to acquire IFC in 2016. The third-party debtors listed in the order are four SIFC (Seoul International Finance Center) limited liability companies that respectively own the three IFC office towers and the IFC Mall.

Brookfield holds IFC through a Singapore-based special purpose company (SPC). The full IFC complex originally consisted of five assets: three office towers, IFC Mall, and the five-star Conrad Seoul hotel. Since the Conrad Seoul has already been sold, the attachment applies to the four remaining property-holding companies.

Under the court order, BSRP II is prohibited from disposing of its shares, receiving dividends, reclaiming equity, or obtaining any residual asset distributions from the SIFC entities. Any violation could lead to criminal penalties, effectively freezing Brookfield’s IFC-related economic rights.

Industry observers note that this ruling may significantly delay or complicate any future sale of the IFC complex.

Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)