Seoul: Mirae Asset Global Investments Co. announced plans to pursue legal measures, including provisional seizures, against Brookfield Asset Management Ltd., based in Toronto, following a failed transaction involving a shopping mall in downtown Seoul.
According to Yonhap News Agency, in 2021, Brookfield selected Mirae Asset as the preferred bidder for the sale of the IFC Mall, accepting a 200 billion-won (US$139.7 million) down payment. However, the transaction collapsed when a real estate investment trust established by Mirae to fund the purchase did not secure approval from South Korean authorities. Brookfield has since accused Mirae of negligence and has withheld the down payment, leading to legal disputes between the two firms.
Earlier this month, the Singapore International Arbitration Center (SIAC) determined that Brookfield must return the down payment to Mirae Asset for the IFC Mall. Mirae Asset stated, “Brookfield has a duty to return the entire down payment by Oct. 28 and redeem the delayed interests, as well as costs incurred during the arbitration process, but has yet to fulfill such duties nor issue any official statement.”
The IFC Mall, situated in Yeouido, a key financial district in western Seoul, is a significant shopping destination that also includes office spaces and the Conrad Seoul hotel. The property remains available for purchase.