Korean firm becomes owner of Ha Noi Landmark 72
Korean firm becomes owner of Ha Noi Landmark 72
AON Holdings, a South Korean mid-d financial group, will be the new owner of the Keangnam Hanoi Landmark Tower, Vietnam's tallest building from Keangnam Enterprise, according to the Korea Economic Daily.
Samjong KPMG, the principal underwriter for selling debts of Landmark 72, selected AON Holdings as the preferred bidder to the deal on December 16. The debts owed by Keangnam are currently held by five commercial banks and ten savings banks.
The balance of loans Keangnam Enterprises borrowed to build Landmark 72 in 2012 reaches about 600 billion won (US$510 million). It was reported that the price AON paid for it was about 450 billion won ($382,5 million).
Once AON acquires the loans, the group will be able to take control of the whole building.
On May 27, 2015, a Seoul court allowed Keangnam Enterprises to sell Ha Noi Landmark 72 building to better cope with its liquidity crisis.
Earlier, the bidding war surrounding the Vietnamese property was waged among three strong contenders including Goldman Sachs and Hana Financial Investment. Goldman Sachs had been keenly interested in purchasing the real estate asset. But AON Holdings came late to the fray and outbid everyone else.
AON Holdings has AON Investment and Turbo Engineering under its wings. It sold off Hanshin Savings Bank to Taiwan's Yuanta Securities in May this year.
