[Alpha Biz= Reporter Kim Sangjin] On August 27, Lotte REITs announced the acquisition of L7 Hotel Gangnam Tower, an office and hotel complex located in Samseong-dong, Seoul. The acquisition deal, valued at 330 billion won, was finalized with the 29th Maston General Private Real Estate Investment Trust.
L7 Hotel Gangnam Tower features a six-story underground and 27-story above-ground structure, with a total floor area of 33,584 square meters. The hotel occupies floors 9 through 27, while office spaces are located from the underground 3rd floor to the 8th floor.
Located at 415 Teheran-ro, Gangnam-gu, Seoul, the property marks Lotte REITs' first investment in a hotel. The acquisition aims to generate rental income post-purchase.
To finance the acquisition, Lotte REITs plans to use real estate-backed loans and short-term commercial paper, borrowing up to 1.8 trillion won through real estate-backed loans and up to 2 trillion won through commercial paper, with respective maturities of 24 months and 3 months.
AlphaBIZ Kim SangJin(letyou@alphabiz.co.kr)
