BROOKFIELD SELLS SEOUL CONRAD HOTEL FOR ABOUT $300 MILLION

(Bloomberg) -- Brookfield Asset Management agreed to sell the Conrad hotel in Seoul to ARA Korea REF, a real estate fund, for about $300 million.

The $925 billion alternative-asset manager acquired the five-star hotel, which is part of the International Finance Center property portfolio in Seoul’s financial hub, in 2016, according to a statement Monday.

In April, Brookfield and Investment Corp. of Dubai — a state-owned investment firm — announced the sale of a 49% stake in Dubai’s iconic ICD Brookfield Place tower to a pair of Middle Eastern investors. Terms of the deal weren’t disclosed, but Bloomberg previously reported the tower could be worth as much as $1.5 billion.

The Toronto-based firm also sold commercial assets in India at a combined value of $3.5 billion.

Brookfield is targeting $15 billion for its fifth flagship real estate fund, and has collected more than $8 billion for its first close.

Shares of Brookfield rose less than 0.1% to close Monday at $37.97. The stock is down 5.5% this year.

(Updates with closing share price in last paragraph. The deal value was corrected in earlier versions of this story.)