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According to Yonhap News,
(SEOUL=Yonhap News) Lotte Property & Development (P&D), the operator of South Korea's tallest skyscraper, said Wednesday it will purchase a 67.5 percent stake from the business group's affiliate to accelerate its push to develop a transit terminal area west of Seoul into a shopping complex.
The company said it will develop the area into a city landmark based on its experience running the 123-story Lotte World Tower in Seoul.
Lotte P&D said it decided to buy stakes in Lotte Incheon Development Co. from SAPAS Investments B.V. for 93.6 billion won (US$86.4 million) during a board meeting held last week.
Lotte Incheon Development was established in 2012 based on joint investment from Lotte's key subsidiaries -- Lotte Shopping Co., Hotel Lotte Co. and Lotte Engineering & Construction Co. -- and the foreign investment firm, according to Lotte P&D.
In January 2013, Lotte Incheon Development purchased the terminal site from the Incheon city government.
The area is comprised of a bus terminal and a department store, which is currently operated by Shinsegae Department Store. Lotte plans to take over the management rights of the outlet once Shinsegae's lease terminates in December this year.
Lotte's ambition is to build a "Lotte Town" in the area with a department store, cinema and apartment complex under its name.
Lotte Group flag flutters outside the headquarters of Lotte Hotel in Seoul on Feb. 13, 2018. (Yonhap)
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Source: Yonhap News (Feb. 28, 2018)