Yulchon Advised Mirae Asset Global Investments with Respect to a Transaction Involving the Acquisition of 15 Luxury Hotels Located in the US from Anbang Insurance Group Co., Ltd. through a Private Fund
2019.08.13.
Yulchon advised Mirae Asset Global Investments ("Mirae") with respect to a transaction involving the acquisition of 15 luxury hotels located in the U.S. from Anbang Insurance Group Co., Ltd. ("Anbang") through a private fund established by Mirae (the "Transaction").
Mirae was able to secure its position as preferred bidder after fierce competition with other internationally renowned funds such as Brookfield Asset Management, and was able to successfully execute the definitive documents with Anbang after extensive negotiations. The Transaction is notable in that it is the largest of any single real estate investment by a Korean financial institution. Furthermore, Mirae has been focusing on investments in hotels for the past few years, and by acquiring 15 luxury hotel chains in the US through a single transaction, it has firmly solidified its presence in the market.
Yulchon provided comprehensive legal advice across all phases of the Transaction, including advising Mirae on the optimal funding structure in Korea, reviewing relevant domestic legal issues, all sale and purchase terms and financing conditions, as well as providing tax-related advice on the use of the US REIT structure.
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