NEW YORK & SEOUL, South Korea--(BUSINESS WIRE)--AIG Global Real Estate announced today the completed sale of the International Finance Centre Seoul (IFC Seoul) to Brookfield. Terms of the transaction were not disclosed.
International Finance Centre Seoul (IFC Seoul), the first international, Class A development in the heart of Seoul’s financial district, Yeouido, is a large-scale, mixed-use commercial complex. The complex includes three high-rise office towers, a three-level retail mall, and a five-star Conrad Seoul hotel – all of which is connected to the Yeouido subway station. The complex provides modern space for tenants, workers, shoppers, and visitors to Yeouido, and is a destination for international finance and business.
AIG Global Real Estate and the Seoul Metropolitan Government joined together to make the IFC Seoul project a success. The project is owned by an AIG Global Real Estate sponsored fund.
Douglas Tymins, President and CEO of AIG Global Real Estate said, “We are grateful to the investors and partners, including the Seoul Metropolitan Government, who contributed to the creation of IFC Seoul over the past 13 years. We firmly believe that Brookfield, with a successful diversified international portfolio, will further enhance the value of IFC Seoul, and serve as an invaluable partner to the Seoul Metropolitan Government.”
About AIG Global Real Estate
AIG Global Real Estate, founded in 1987, comprises a group of international companies within AIG that invests in and actively manages approximately $18.8 billion of real estate for clients and AIG member companies in various countries. The business includes AIG Affordable Housing (representing over 102,000 multi-family units across the United States), and the investment management of Stowe Mountain Resort. More information can be found at http://www.aig.com/aig-global-real-estate.
About American International Group, Inc.
American International Group, Inc. (AIG) is a leading global insurance organization. Founded in 1919, today AIG member companies provide a wide range of property casualty insurance, life insurance, retirement products, mortgage insurance and other financial services to customers in more than 100 countries and jurisdictions. These diverse offerings include products and services that help businesses and individuals protect their assets, manage risks and provide for retirement security. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange.
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AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. For additional information, please visit our website at www.aig.com. All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries, and coverage is subject to actual policy language. Non-insurance products and services may be provided by independent third parties. Certain property-casualty coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such funds.