South Korea’s mid-sized financial group AON Holdings will take control of Keangnam Landmark 72 building in Hanoi.
This information has been revealed by CBRE in its press meeting to release the Real Estate Market Outlook Report for 2016. The acquisition has also been confirmed by South Korean media.
Keangnam Hanoi Landmark 72, known as the Vietnam’s tallest building,
has finally found its new owner – AON Holdings.
The Korea Economic Daily reports, on Dec 16, 2015, Samjong KPMG, which is the principal underwriter for selling the debts of Keangnam Landmark 72, chose AON Holdings as the preferred bidder for the deal.
Reportedly, among the total debts of $510 million incurred in Landmark 72 in 2012, AON Holdings have paid nearly 450 billion won ($373.4 million) to take over the debt and then become the building’s new owner.
Earlier, Hana Financial Investment and Goldman Sachs were also interested in buying Landmark 72 but were outbid by AON Holdings.
In May 2015, a Vietnamese court had announced a valuation of $770 million for Keangnam Landmark 72 after a series of scandals involving the parent company Keangnam Enterprises, according to Korea Economic Daily.
Keangnam Hanoi Landmark Tower is located in the Southwest of Hanoi. With 72 floors and a total area of 610,000 sqm with many offices for rent, apartments for rent, the building is considered a highlight of the capital city’s sky. The former owner Keangnam Enterprises is said to invest over $1 to build the building, of which around $500 million was borrowed from banks.