Mirae Asset Global Investments has won an international arbitration case regarding the sale and purchase agreement of the International Finance Center (IFC) in Yeouido, Seoul.
According to the financial investment industry on October 13, the Singapore International Arbitration Centre (SIAC) ruled in favor of Mirae Asset Global Investments in the dispute with Canada’s Brookfield Asset Management over the return of the IFC contract deposit.
SIAC acknowledged Brookfield’s breach of contractual obligations and reportedly ordered Brookfield to pay Mirae Asset the entire 200 billion won deposit, along with delayed interest and all arbitration-related costs. The arbitration award is final and binding, with no appeal process through ordinary courts.
This dispute dates back to 2021. At that time, Brookfield was seeking to sell the IFC, selected Mirae Asset Global Investments as the preferred bidder, and received a 200 billion won deposit. Mirae Asset established a real estate investment trust (REIT) to raise acquisition funds, but the Ministry of Land, Infrastructure and Transport refused to grant business approval, citing an excessive loan ratio, resulting in the collapse of the deal.
Subsequently, Mirae Asset demanded the return of the deposit, but Brookfield refused, claiming that Mirae Asset was at fault for the denial of approval. This ultimately led to international arbitration in 2022.
The IFC is a large-scale complex consisting of three office buildings, an underground shopping mall, and the Conrad Seoul Hotel. Despite losing the arbitration, Brookfield is reportedly continuing with the process of selling the IFC.
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