Real Estate Planet, a big data and AI-based commercial real estate specialist company, announced on the 31st that its subsidiary, 'Real Estate Planet Partners,' has been selected as the sales agent for three assets owned by Kiwoom Asset Management.
The target assets are Lotte Cinema Doksan Branch, Seongseo Branch, and Busan Daeyeong Cinema. They plan to actively conduct sales activities targeting individual investors and corporations. All three assets have stable income prospects as Lotte Cultureworks, which operates the major domestic multiplex cinema chain Lotte Cinema, has signed a triple net lease agreement as the tenant until 2034.
'Lotte Cinema Doksan Branch,' located in Doksan-dong, Geumcheon-gu, Seoul, is selling four floors from the 6th to the 9th floor where the cinema is located. Doksan Station on Line 1 is a 15-minute walk away, and there are seven bus stops within a 100-meter radius.
The second asset for sale, 'Lotte Cinema Seongseo Branch,' is located in Igok-dong, Dalseo-gu, Daegu. The sale includes the 2nd floor, part of the 4th floor, and floors 5 through 10.
'Busan Daeyeong Cinema (Lotte Cinema Daeyeong Branch)' covers the entire building from basement level 4 to the 6th floor, with a total floor area and land area of 14,813.07㎡ (4,480.95 pyeong) and 2,178.50㎡ (659 pyeong), respectively.
Um Hyunpo, CEO of Real Estate Planet Partners, stated, “The three assets we are managing for sale are not only located in station areas within walking distance of subway stations but also situated in areas with dense foot traffic in each city, offering excellent location conditions. There are also factors that could act as positive catalysts for each asset, so we expect the potential for asset growth through value-add activities such as remodeling and expansion along with future land price increases.”
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