According to South Korean media reports, AON Plc, which currently holds ownership of the tower, is seeking to sell its entire stake for over 1,000 billion won, equivalent to $748.5 million.

Investment banking sources in Seoul have indicated that AON is in talks with several potential buyers, including major real estate and infrastructure fund management companies. One notable interested party is a South Korean securities company.

Landmark 72, which comprises 72 floors of office and retail space, held the title of Vietnam’s tallest building until 2018, when Vingroup constructed Landmark 81, a towering 81-floor structure that rises to 461 meters in height.

In 2015, AON Plc acquired Landmark 72 for 454 billion won ($340 million at the current exchange rate) from SM Keangnam Enterprises Ltd, the South Korean construction company that originally built the complex. The deal at the time marked AON’s triumph over other prominent buyers, including Goldman Sachs and Qatar’s national investment fund, the Qatar Investment Authority (QIA).

The building has been a significant fixture in Hanoi's skyline, representing a modern hub for both business and retail in the heart of Vietnam's capital. While it was once Vietnam’s tallest structure, the rise of new skyscrapers, such as Vingroup's Landmark 81 in Ho Chi Minh City, has shifted the focus.

With this sale, Landmark 72 may change hands yet again, as AON Plc looks to divest its investment. The outcome of the negotiations will likely have a considerable impact on the real estate market in Vietnam, particularly in the high-end office and retail sectors.

The transaction is expected to attract significant attention from international investors, particularly those looking to expand their presence in Southeast Asia's growing economies.

Hong Khanh (Hankyung/ Ked Global)