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Mirae Asset, Brookfield settle $192M dispute over failed IFC sale

Published: 08 Dec. 2025, 16:54

The photo shows the IFC building in Yeouido, western Seoul. [MIRAE ASSET GLOBAL INVESTMENTS]

Mirae Asset Global Investments ended a three-year dispute with Brookfield Asset Management over the failed sale of the IFC complex in Yeouido, western Seoul, after Brookfield Asset Management paid 283 billion won ($192 million) to return a deposit and cover related costs.

Brookfield Asset Management made the payment on Friday after the Singapore International Arbitration Centre (SIAC) ordered the firm in October to return a 200 billion won deposit to Mirae Asset Global Investments. The amount included accrued interest and arbitration-related expenses.

Brookfield Asset Management delayed the refund for nearly two months while it prepared a set-aside application, which functions as an appeal in Singapore’s arbitration system. The company reversed course after courts in Singapore and Korea approved asset-freeze requests filed by Mirae Asset Global Investments.

The two firms first clashed in 2021 when Brookfield Asset Management named Mirae Asset Global Investments as the preferred bidder to buy the IFC complex.

Mirae Asset Global Investments offered 4.1 trillion won for the property, but the deal fell through after the real estate investment trust that the firm set up to carry out the purchase failed to secure government approval. Brookfield Asset Management then notified Mirae Asset Global Investments that it would terminate the agreement.

Mirae Asset Global Investments demanded the return of the deposit, but Brookfield Asset Management refused, arguing that Mirae Asset Global Investments had not made sufficient efforts to complete the transaction.

The photo shows the Mirae Asset building. [JOONGANG ILBO]

Mirae Asset Global Investment filed for arbitration at SIAC in 2022. SIAC ruled in favor of Mirae Asset Global Investment after nearly three years of proceedings.

Brookfield Asset Management still declined to return the deposit after the ruling. Mirae Asset Global Investment then sought asset-freeze orders in Singapore and at the Seoul Southern District Court. Both courts granted the requests. Asset freezes block sales or transfers of the targeted assets and restrict owners from collecting revenue generated from them.

The asset freezes put heavy pressure on Brookfield Asset Management because the company could not easily sell its IFC stake or reorganize its holdings, and lenders started to worry that a roughly 2.6 trillion won loan backed by the complex might no longer meet repayment terms.

“Brookfield had its hands tied,” an industry source familiar with the matter said.

With the legal risk lifted, Brookfield Asset Management is expected to revive discussions on the IFC sale. The firm has discussed a possible sale with ARA Asset Management, a Japan-affiliated investment firm, but the talks have dragged on because the two sides have not agreed on a price, according to financial investment industry sources.

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
BY LEE BYUNG-JUN [[email protected]]