Taubman is likely to operate IFC Mall

US mall developer Taubman is set to become the new owner of the IFC mall in Yeouido.

On May 12, Mirae Asset Group selected Haevichi Hotel & Resort, a subsidiary of Taubman and Hyundai Motor Group, as strategic investors to acquire the International Finance Center (IFC) Seoul, a shopping complex that includes the five-star hotel Conrad Seoul, IFC Mall and three high-rise office buildings.

On May 11, Brookfield Asset Management, the current owner of IFC Seoul, selected Mirae Asset Global Investments as the preferred bidder. Shinsegae partnered with IGIS Asset Management and failed in the final stage of the tender.

Founded in 1950, Taubman currently operates 25 malls in the United States and Asia, including Dolphin Mall in Miami, Waterside Shops in Naples and UTC Mall in Sarasota.

In South Korea, Taubman and Shinsegae jointly opened Starfield Hanam in September 2016. The mall has been a great success thanks to Taubman’s development and management expertise, and Mirae Asset expects the value of the IFC mall in Yeouido is boosted by Taubman.