Brookfield Terminates IFC Sale Agreement Citing Mirae Asset’s Non-fulfillment of Contractual Obligations
2022. 09. 28 · Byungki Koh
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Negotiations for the sale of Yeouido IFC for KRW 4.1 trillion have broken down. Brookfield, the seller, has now made an official statement on the matter. On September 28, Brookfield announced that “the IFC sale agreement has been terminated due to Mirae Asset’s failure to fulfill its contractual obligations.” They added that “”as this was intended to be an on-shore transaction, based on the value created by Brookfield since the acquisition in 2016, this sale would have provided a significant amount of tax revenue to the Korean tax authorities.”
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Content Editor, Seoul Property Insight(SPI)
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