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Vietnam's tallest building has new owner

Released at: 11:46, 07/01/2016

Vietnam's tallest building has new owner

South Korea's AON Holdings to take over Keangnam Landmark 72 in Hanoi.

by Tue Lam

Vietnam’s tallest building, Keangnam Hanoi Landmark 72, has finally found a new owner - AON Holdings, a mid-sized financial group from South Korea.

According to The Korea Economic Daily, the most widely read economic newspaper in South Korea, Samjong KPMG, the principal underwriter for selling the debts of Landmark 72, selected AON Holdings as the preferred bidder for the deal.

Total debts incurred in building Landmark 72 in 2012 was $510 million. AON Holdings was said to have paid about 450 billion Korean Won ($373.4 million) to take over the debt.

Goldman Sachs and Hana Financial Investment were also interested in buying Landmark 72 but were outbid by AON Holdings.

Last May The Korea Economic Daily reported that a Vietnamese court had announced a valuation of $770 million for the building, which came after a series of scandals involving the parent company. 

Keangnam Hanoi Landmark Tower is located in Hanoi’s southwest, with 72 floors and a total area of 610,000 sq m. According to South Korean media, Keangnam Enterprises invested more than $1 billion in its construction, of which nearly $500 million was borrowed from banks.

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