Brookfield sells Seoul Conrad hotel for about US$300 million

BROOKFIELD Asset Management agreed to sell the Conrad hotel in Seoul to ARA Korea REF, a real estate fund, for about US$300 million.

The US$925 billion alternative-asset manager acquired the five-star hotel, which is part of the International Finance Center property portfolio in Seoul’s financial hub, in 2016, according to a statement on Monday (Jun 10).

In April, Brookfield and Investment Corporation of Dubai (ICD) – a state-owned investment firm – announced the sale of a 49 per cent stake in Dubai’s iconic ICD Brookfield Place tower to a pair of Middle Eastern investors. Terms of the deal were not disclosed, but Bloomberg previously reported the tower could be worth as much as US$1.5 billion.

The Toronto-based firm also sold commercial assets in India at a combined value of US$3.5 billion.

Brookfield is targeting US$15 billion for its fifth flagship real estate fund and has collected more than US$8 billion for its first close.

Shares of Brookfield rose less than 0.1 per cent to close on Monday at US$37.97. The stock is down 5.5 per cent this year. BLOOMBERG