Major law firms working on IFC Seoul acquisition deal Kim & Chang represents Brookfield while Shin & Kim and Yulchon represent Mirae Asset

Translated by Kim So-in 공개 2022-05-20 07:53:44

이 기사는 2022년 05월 20일 07:36 더벨 유료페이지에 표출된 기사입니다.

Major law firms are providing legal advices to Canada-based Brookfield Asset Management and Mirae Asset Global Investments for the latter’s planned acquisition of the International Finance Center in Seoul (IFC Seoul), the landmark complex in the city’s major financial district Yeouido.

South Korean law firm Kim & Chang is providing legal services to Brookfield Asset Management, the seller of the complex, according to real estate and legal sources on Thursday. Keun Ah Cho at Kim & Chang, who has extensive experience in representing clients in real property transactions and in mergers and acquisitions, is reportedly working on the deal.

Local law firms Shin & Kim and Yulchon are acting as legal counsels to Mirae Asset Global Investments, the preferred buyer for IFC Seoul, and Mirae Asset Securities, which made an investment commitment to the investment firm, respectively.

Kim & Chang, Shin & Kim and Yulchon ranked in the top three in the country’s M&A legal advisors league table in the first quarter, according to data compiled by the bell.

Industry sources have widely expected the IFC Seoul to be sold via a share deal instead of an asset deal to benefit from tax avoidance.

Brookfield Asset Management acquired the complex from AIG in 2016 using a special purpose company. AIG had owned mall, hotel and three office buildings through separate entities.

Brookfield Asset Management established new entities and merged them with entities owned by AIG. Five entities – SIFC Tower One Development, SIFC Tower Two Development, SIFC Tower Three Development, SIFC Retail Mall Development and SIFC Hotel Development – were all established in 2005.

Both the seller and the buyer aim to reduce legal risks by hiring major law firms as the deal needs thorough legal reviews due to its complexity. (Reporting by Gyoung-tae Kim)
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