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Brookfield Asset Management will sell International Finance Centre Seoul (IFC Seoul), five years after the firm bought the South Korean commercial complex located in the capital's Yeouido financial district.

Brookfield has recently hired Eastdil Secured to advise on the sale process, industry sources said on Tuesday. The Canada-based investment firm has privately selected Eastdil Secured for its sale, instead of issuing a request for proposal seeking an advisory firm.

“Brookfield has picked Eastdil Secured as its sale advisor, but hasn’t distributed teaser letters yet,” said an executive at a global investment firm.

Real estate industry insiders had widely anticipated the sale since the beginning of this year as Brookfield’s real estate fund which acquired the property is set to mature soon. Some had expected that Brookfield may use Brookfield Financial for its planned sale.

Instead, Brookfield chose Eastdil Secured, a top-tier global real estate investment banking company, to handle the sale. Eastdil Secured handled IFC Seoul's sale in 2016 to Brookfield from AIG Group.

Brookfield took over IFC Seoul, which comprises three IFC office buildings, IFC Mall, and Conrad Seoul Hotel for 2.55 trillion won ($2.16 billion). The complex is widely expected to fetch three trillion won or more, as it was revalued at more than 3.2 trillion won when Brookfield recapitalized the property in November 2019. (Reporting by Gyoung-tae Kim)