Lotte Shopping Transfers 831.2 Billion KRW Stake in Lotte World Tower and Mall to Lotte Property & Development

[Asia Economy Reporter Han Jinju] Lotte Shopping announced on the 22nd that it will transfer ownership shares of Lotte World Tower and Lotte World Mall in Songpa-gu, Seoul (land, buildings), some land shares (complex access roads), and movable property shares related to buildings (concert hall interior, fixtures) to Lotte Mulsan for 831.296 billion KRW. The scheduled disposal date is May 7.

The company explained, "This is to improve the financial structure through asset sales and secure funds for future growth engine investments," adding, "At the same time as the conclusion of the transaction (execution of asset sale), we plan to lease the transferred assets from the counterparty."