South Korea’s securities firm Mirae Asset Securities Co. will invest 400 billion won (US$349.80 million) to acquire Keangnam Hanoi Landmark Tower in Vietnam also known as Keangnam Landmark 72. It is the largest overseas alternative investment made by the company.
The securities firm announced on Apr. 12 that it will join hands with global investment company AON BGN, a former AON Holdings, to take over the Landmark 72 in Hanoi.
The building was constructed by Korean construction company Keangnam Enterprises Co. in 2012 but, with the company going into court receivership, the ownership of the building has been transferred to creditors. With two 50-floor residence buildings and a 72-floor tower building, The Landmark 72 is the tallest skyscraper at a height of 350 meters in Vietnam. Currently, the world famous Intercontinental Hotel, offices of Korea’s large companies, 922 apartments, serviced residence hotel and stores are located in the building.
Mirae Asset Securities will invest 400 billion won (US$349.80 million) in total including 300 billion won (US$262.35 million) worth senior loan and 100 billion won (US$87.45 million) worth convertible bonds in the takeover of the building, while AON will invest the remaining 100 billion won (US$87.45 million). The securities firm is also expected to commercialize some of the investment to provide them for Korean individual and institutional investors.
The investment in Landmark 72 is the largest global alternative investment ever made by Mirae Asset Securities. The securities firm announced its plan in Sept. last year to strengthen the overseas alternative investment and principal investment through a paid-in capital increase worth 1.2 trillion won (US$1.05 billion).
Mirae Asset Securities President Cho Woong-ki said, “We have decided to use the fund secured through a capital increase last year in the outstanding global alternative investment assets. We will keep investing in good assets overseas aggressively."