Qatari sovereign fund to buy Keangnam skyscraper in Hanoi

May 15, 2015 | 08:58

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Seoul-The Qatar Investment Authority has agreed to buy the Keangnam Hanoi Landmark Tower in Viet Nam for US$800 million and gained exclusive rights for the ensuing negotiations, it was reported on Wednesday.

Keangnam Hanoi Landmark Tower locates in Ha Noi's Pham Hung street. File Photo

According to investment bankers and news reports, the Qatari sovereign wealth fund has notified Colliers International, the manager of the Korean-funded building's sale, that it will accept the $800 million appraisal price granted by a Korean court. The QIA initially offered $600 million but has decided to raise the price in accordance with the ruling.

The creditors of the building, composed of five banks and 10 savings banks in Korea, have also reportedly agreed to open negotiations no later than July. If successful, the QIA will be named the preferred bidder, a shortcut to acquisition.

The 72-story Keangnam Hanoi Landmark Tower, known as Landmark 72, is the tallest building in Viet Nam. Large Korean firms such as GS and Daelim have their Vietnamese headquarters there.

Korea's Keangnam Enterprise built the complex in 2012 for $1.05 billion, but has failed to pay its project financiers 530 billion won it owes them. The building was put on the market earlier this year.

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