Brian Jeffrey
Recent reports from South Korean media reveal that AON Plc is planning to sell its complete ownership of Landmark 72 for over 1 trillion won, which translates to approximately $748.5 million.
Investment banking insiders from Seoul report that AON is in discussions with various potential buyers, focusing on prominent real estate and infrastructure fund management firms. Among these, a notable South Korean securities company has shown interest.
Landmark 72, which boasts 72 floors of office and retail space, was the tallest building in Vietnam until 2018, when Vingroup introduced the 81-floor Landmark 81, reaching a height of 461 meters.
AON Plc obtained Landmark 72 in 2015 for 454 billion won (approximately $340 million today) from SM Keangnam Enterprises Ltd, the original builder. This purchase was significant as AON outperformed other bidders, such as Goldman Sachs and Qatar Investment Authority (QIA).
This structure has become a prominent part of Hanoi’s skyline, serving as a modern business and retail center in Vietnam’s capital. Although it was once the tallest building, newer skyscrapers like Landmark 81 have shifted the spotlight away.
The anticipated sale signifies that Landmark 72 could have a new owner soon, as AON Plc seeks to reduce its investment. The results of these negotiations are expected to greatly influence Vietnam’s real estate market, especially within the premium office and retail segments.
International investors looking to venture into Southeast Asia’s expanding markets are expected to show keen interest in this deal.
(Hankyung/ Ked Global)
