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Vietnam's 2nd-tallest skyscraper on the market for $753mn
South Korean reinsurance firm Aon Plc, the owner of Landmark 72, which is the tallest building in Hanoi and the second-tallest in Vietnam, is seeking to sell all of its shares in the property for over one trillion South Korean won (US$753 million).
The South Korean owner of Landmark 72, the tallest building in Hanoi and the second-tallest in Vietnam, is seeking to sell all of its shares in the property. Photo: Tuoi Tre
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Aon Plc is in talks with potential bidders, The Korea Economic Daily reported, citing investment banking sources in Seoul.
According to these sources, potential buyers include major real estate and infrastructure fund managers.
Aon purchased Landmark 72 for 454 billion won ($341.7 million) in 2015 from South Korean mid-sized construction firm SM Keangnam Enterprises Ltd after competing with several multinational investment funds.
At the time, broker Mirae Asset bought 300 billion won ($225.7 million) worth of senior secured debts and 100 billion won ($75.2) worth of convertible bonds in the property.
Construction on Landmark 72, or Keangnam Hanoi Landmark Tower, began in 2007 and finished in 2012.
It is the building with the largest floor area in Vietnam, at over 608,900 square meters.
It includes a 72-story tower which is 350 meters tall, and two 48-story twin towers with a height of 212 meters each.
The skyscraper had been the tallest building in Vietnam until Vietnam's largest private conglomerate Vingroup built the 81-story Landmark 81 with a height of 461 meters in 2018.
Landmark 72 has an occupancy rate of up to 98 percent due to its prime location in the capital city.
According to a report by Avison Young Vietnam, a commercial real estate agent, the monthly office rental at the building reaches $36 per square meter, exclusive of a service charge of $6.8 per square meter.
Tuoi Tre News
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