Who is the South Korean tycoon who wants to sell Landmark 72?

Profile of the company that wants to sell Landmark 72

According to The Korea Economic Daily , AON Plc, the global reinsurance company and owner of the three-building Landmark 72 complex, wants to sell 100% of its shares for over 1 trillion won (approximately 18.5 trillion VND).

According to sources from investment banks in Seoul, South Korean securities firm Mirae Asset Securities is in negotiations with potential investors to sell its entire stake in the building.

In 2015, outbidding Goldman Sachs and the Qatar Investment Authority (QIA), AON successfully acquired this property for 454 billion won (approximately 8.4 trillion VND at current exchange rates) from SM Keangnam Enterprises Ltd.

AON Plc is a multinational financial company headquartered in London, England. The company was founded in 1982, following the merger of Ryan Insurance Group and Combined Insurance Company of America.

The Landmark 72 complex, consisting of three buildings, in Hanoi (Photo: HDG).

The company operates in three main areas under the names of three smaller businesses: Aon Risk Solutions, which provides professional risk management services; Aon Benfield, which operates in insurance and reinsurance brokerage; and Aon Hewitt, which answers questions and advises clients on human resources.

Regarding business results, as of the end of June, AON recorded revenue of $7.83 billion, an 11% increase compared to $7.04 billion last year. Explaining this growth, AON stated that its retail brokerage company recorded double-digit growth in the European, Middle Eastern, African, and Asia-Pacific markets.

Constantly indulging in extravagant shopping

Notably, AON has continuously expanded its global presence through mergers and acquisitions. In 1997, the company acquired The Minet Group and the British securities insurance company Alexander & Alexander Services. This deal officially made AON the world's largest securities insurance broker.

In 1998, the company doubled its workforce when it acquired Gil y Carvajal, Spain's largest insurance brokerage firm, and also established AON Korea, the first foreign-owned insurance company in South Korea.

In 1999, the company acquired the Italian insurance group Nikols Sedgwick, forming a joint venture, RiskAttack, with the American company Zurich US, operating in the field of risk analysis and financial management for technology companies.

AON focuses on securities insurance brokerage and advisory services. In 2008, the group acquired the British reinsurance and capital advisory company Benfield Group Limited for $1.75 billion. This large-scale transaction propelled AON into the ranks of the biggest players in the reinsurance brokerage industry.

Two years later, AON completed the largest merger and acquisition deal in history, buying the American company Hewitt Associates for $4.9 billion.

In 2009, AON topped AM Best's ranking of global insurance brokers, based on brokerage revenue and votes for best insurance intermediary, best reinsurance intermediary, and best intermediary management as voted by readers of the Insurance Business magazine.

To date, AON operates worldwide with over 500 offices in more than 120 countries and approximately 66,000 employees.

Landmark 72 is a mixed-use office building completed in 2012 by Keangnam Enterprises, comprising a 72-story mixed-use tower with a height of 350m and two 48-story twin towers with a height of 212m. This property was once the tallest skyscraper in Vietnam until Vingroup built the 81-story Landmark 81 building with a height of 461m in 2018.

Source: https://dantri.com.vn/kinh-doanh/dai-gia-han-quoc-muon-ban-landmark-72-la-ai-20240923143218864.htm