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PR Newswire
26-07-2013, 11:51 AM
Depending on how it is structured and the pricing - this is likely to be a quality BT or REIT in the making.
Any buddies with insights to S Korean REIT market (if they exists), would appreciate inputs...
GG
S. Korea's Lotte 'planning IPO in Singapore for malls'
Published on Jul 24, 2013
LOTTE Shopping, South Korea's largest department store operator, is planning an initial public offering (IPO) in Singapore for some of its shopping malls, said two people with knowledge of the matter.
The sale may raise at least US$1 billion (S$1.26 billion) and could take place as early as this year, said the people, asking not to be identified as the process is private.
The company is still deciding which properties it will include in the sale, which will either be in the form of a business trust or a real estate investment trust, they said.
At US$1 billion, the IPO would be the third-largest in Singapore this year after sales by Mapletree Greater China Commercial Trust and Asian Pay Television Trust, data compiled by Bloomberg shows.
Reits and business trusts were the biggest fund-raisers in Singapore's IPO market in the past year, raising US$4.6 billion out of a total US$5.3 billion, the data shows.
DBS Group Holdings, Goldman Sachs Group, Nomura Holdings and Standard Chartered are managing the sale, the people said.
Lotte said last month that it was considering the sale and lease back of real estate assets, without offering any details on timing or value.
Subsidiary Lotte Shopping has 44 department stores in South Korea, one each in Russia and Indonesia, and five in China, according to its first-quarter earnings statement published in May.
The company also has 111 domestic hypermarkets and 164 hypermarkets in China, Vietnam and Indonesia, according to the statement.
The company, which opened its first department store in South Korea in 1979, spent 1.25 trillion won (S$1.41 billion) for a controlling stake in electronics retailer Himart Co last year.
Lotte Shopping's other subsidiaries include credit card company Lotte Card Co and Korea Seven Co, a convenience store joint venture with 7-Eleven, according to the company's website.
Lotte Shopping is a unit of Lotte Group, a South Korean chaebol or conglomerate founded by Shin Kyuk Ho in Japan in 1948 as a bubble- gum maker.
BLOOMBERG
Any buddies with insights to S Korean REIT market (if they exists), would appreciate inputs...
GG
S. Korea's Lotte 'planning IPO in Singapore for malls'
Published on Jul 24, 2013
LOTTE Shopping, South Korea's largest department store operator, is planning an initial public offering (IPO) in Singapore for some of its shopping malls, said two people with knowledge of the matter.
The sale may raise at least US$1 billion (S$1.26 billion) and could take place as early as this year, said the people, asking not to be identified as the process is private.
The company is still deciding which properties it will include in the sale, which will either be in the form of a business trust or a real estate investment trust, they said.
At US$1 billion, the IPO would be the third-largest in Singapore this year after sales by Mapletree Greater China Commercial Trust and Asian Pay Television Trust, data compiled by Bloomberg shows.
Reits and business trusts were the biggest fund-raisers in Singapore's IPO market in the past year, raising US$4.6 billion out of a total US$5.3 billion, the data shows.
DBS Group Holdings, Goldman Sachs Group, Nomura Holdings and Standard Chartered are managing the sale, the people said.
Lotte said last month that it was considering the sale and lease back of real estate assets, without offering any details on timing or value.
Subsidiary Lotte Shopping has 44 department stores in South Korea, one each in Russia and Indonesia, and five in China, according to its first-quarter earnings statement published in May.
The company also has 111 domestic hypermarkets and 164 hypermarkets in China, Vietnam and Indonesia, according to the statement.
The company, which opened its first department store in South Korea in 1979, spent 1.25 trillion won (S$1.41 billion) for a controlling stake in electronics retailer Himart Co last year.
Lotte Shopping's other subsidiaries include credit card company Lotte Card Co and Korea Seven Co, a convenience store joint venture with 7-Eleven, according to the company's website.
Lotte Shopping is a unit of Lotte Group, a South Korean chaebol or conglomerate founded by Shin Kyuk Ho in Japan in 1948 as a bubble- gum maker.
BLOOMBERG
