Keangnam Hanoi Landmark Tower in Hanoi. (Photo: Internet)
South Korea’s securities firm Mirae Asset Securities Co. will spend 400 billion won (roughly $350 million) to acquire Keangnam Hanoi Landmark Tower, the highest building in Vietnam, according to Korean media.
The securities will join hands with global investment company AON BGN, a former AON Holdings, to take over the skyscraper, where Intercontinental Hotel, offices of Korea’s large companies, 922 apartments, serviced residence hotel and stores are located.
Mirae Asset Securities will invest 300 billion won ($262.35 million) worth senior loan and 100 billion won ($87.45 million) worth convertible bonds in the takeover of the building, while AON will invest the remaining 100 billion won ($87.45 million).
The building was constructed by Korean construction company Keangnam Enterprises Co. in 2010 but, with the company going into court receivership, the ownership of the building has been transferred to creditors.
The investment in the building is the largest global alternative investment ever made by Mirae Asset Securities. In September last year, the securities firm announced a plan worth 1.2 trillion won ($1.05 billion) to make the overseas alternative investment and principal investment.
Earlier, AON BGN, Goldman Sachs, Qatar Investment Authority (QIA) and Hana Financial Investment joined a race to acquire Keangnam Enterprises’ debt. AON Holdings was slected as a preferred bidder.