Singapore’s ARA Asset Management is reportedly in talks with Brookfield Asset Management to acquire the International Finance Center Seoul, one of South Korea's largest mixed-use commercial properties, according to sources Friday.

Following its purchase of the Conrad Seoul Hotel in August, ARA is now discussing a potential deal with the owner of IFC Seoul to buy the remaining office towers and retail mall.

Located in Yeouido, Seoul, the IFC complex was initially developed by US-based AIG and later acquired by Brookfield in 2016 for about 2.55 trillion won ($1.84 billion). The complex spans 591,512 square meters, including the Conrad Seoul and underground parking. Approximately 415,030 square meters cover the three office towers and IFC Mall.

ARA has reportedly proposed a valuation of more than 3 trillion won for the three office towers and IFC Mall. The firm is also actively reaching out to institutional investors interested in joint ownership. Other major global investors, including Blackstone, have also shown interest in Korea's commercial property market, adding a competitive edge to the potential sale.

“Brookfield appears to be carefully assessing market conditions and liquidity, with some consulting firms already involved in the process, aiming to ensure a successful transaction this time around,” an asset management industry official said.

Previously in 2021, Brookfield attempted to sell the complex to Mirae Asset Global Investments, but the deal was halted due to regulatory issues.

Brookfield’s renewed push to sell aligns with rising values in Seoul’s commercial property market, the source added. Earlier this year, the company refinanced IFC, with lenders estimating the value of the office towers and mall at over 4 trillion won, partly due to the office space’s low vacancy rate of around 2 percent.