ING Real Estate acquires three hypermarts from Lotte Shopping in Korea
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ING Korea Property Investments (ING KPI), set up in 2005 by ING Real Estate Investment Management Asia, today announced that it has purchased three hypermarket stores located in Jeju, Incheon and Daejeon, South Korea, from Lotte Shopping Co., Ltd., one of the largest retailers in the department store and the hypermart industry in Korea. While ownership belongs to ING KPI's investors, these hypermarts are master-leased by Lotte Mart for over 14 years on a triple-net basis.
Jeju Property is a six storey retail building with two underground floors with gross leasable area of 34,104 sqm including an eight storey parking tower that accommodates 209 cars. Incheon Property is a six storey retail building with one basement floor with gross floor area of 49,816 sqm. And Daejeon Property is a five storey building with one underground floor with gross floor area of 56,429 sqm.
Robert Lie, Chief Executive Officer of ING Real Estate Investment Management Asia and Representative Director of ING KPI, stated, “We are excited to complete this acquisition of all three hypermarts which we expect to have excellent growth prospects benefit from the burgeoning retail markets in Jeju, Incheon, and Daejeon, as well as potential land value appreciation. Going forward, ING KPI and other ING funds will continue to look for opportunities offering good investment potential in Korea.”
ING KPI is a joint-stock company with limited liability established under the laws of the Republic of Korea, with a total asset size of approximately US$800 million. ING Real Estate maintains a 15% shareholding in the company which invests in and actively manages a portfolio of properties in Korea including ING Tower (an office building in Gangnam), Samsung Card Building (a twin-tower office complex in the Central Business District) and Fraser Suites (a serviced apartment building in the Insa-dong district).
Established in 1970, Lotte engages in retail operations through Lotte Department Store, Lotte Mart, and Lotte Super Market. It was dual-listed on KOSPI and London Stock Exchange since 2006.