Alphabiz - Mirae Asset Wins IFC Acquisition Deposit Dispute Against Brookfield

[Alpha Biz= Paul Lee] Seoul, October 13 — Mirae Asset Global Investments has won a complete victory in its international arbitration case against Brookfield Asset Management over the return of a ₩200 billion (approx. USD 145 million) deposit tied to the failed acquisition of Seoul’s International Finance Center (IFC).


According to industry sources, the Singapore International Arbitration Centre (SIAC) ruled in favor of Mirae Asset, ordering Brookfield to refund the full ₩200 billion deposit and pay interest and arbitration-related costs for breaching contractual obligations.


The dispute originated in 2021 when Mirae Asset was selected as the preferred bidder for the IFC complex with an offer of ₩4.1 trillion, partially financed through Mirae Asset Sage REIT. However, Korea’s Ministry of Land, Infrastructure and Transport rejected the REIT’s business license, citing excessive debt ratios, which delayed the transaction.


Brookfield subsequently terminated the deal, while Mirae Asset sought a refund of the deposit. Brookfield argued that Mirae had failed to take all necessary steps to secure approval, but SIAC dismissed the claim, siding fully with Mirae.


The ruling is final and binding, with no further appeal process remaining.

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