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[Alpha Biz=(Chicago) Reporter Kim Jisun] Lotte Shopping is rushing to sell its real estate assets at marts and department stores. The move is aimed at securing large-scale cash by selling assets amid difficulties for retailers due to the sluggish domestic economy.
According to the investment banking (IB) industry on the 14th, Lotte Shopping and NAI Korea, the sales manager, received a letter of intent (LOI) from the original buyers until this day. Lotte Shopping plans to negotiate after comparing the desired sale price with the price offered by the original buyers.
Lotte Shopping's real estate assets are valued at a total of 400 billion won to 500 billion won. As various asset groups such as retail and logistics centers are on the market, they are expected to split them into assets instead of selling them in full.
Regarding the sale, Lotte Shopping explained that most of them are non-operating assets, and that the value of their assets is valued at market prices rather than at sale. However, the IB industry believes that Lotte Shopping, whose borrowings have increased due to the acquisition of stakes in Hanssem, is likely to start securitizing its assets. Lotte Shopping's adjusted net borrowing was 12.13 trillion won last year, up about 4% from the previous year.
AlphaBIZ 김지선(stockmk2020@alphabiz.co.kr)
