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Biz News Korea(Eng)
Ryukyung PSG Asset selected as preferred bidder for Homeplus stores
- Collected
- 2016.07.15
- Distributed
- 2016.07.18
- Source
- Go Direct
![[Homeplus outlets in Suwon]](http://file.mk.co.kr/meet/neds/2016/07/image_readtop_2016_506319_14684869852547043.jpg)
[Homeplus outlets in Suwon]
The superstore chain announced on Thursday that it would sign preliminary contract for sale and leaseback for five Homeplus outlets in Gimpo, Suwon, Gimhae, Dongdaemun, and Gajwa. A sale and leaseback constitutes an arrangement where the seller of an asset leases back the same asset from the purchaser. MBK Partner, the owner of Homeplus, wants to sell five Homplus branches and lease them back for the next 15 years on fixed terms.
Koramco Asset Management Co. and Pebblestone Asset Management Co., as well as Ryukyung PSG Asset Management, participated in a bid that closed on Wednesday. Among the candidates, Ryukyung PSG Asset Management provided more favorable terms such as offer of 600 billion won ($527 million) for the asset and reasonable rental fee. Ryukyung PSG Asset Management plans to complete raising funds from institutional investors at home and abroad as soon as possible.
MBK Partners will use to proceeds to pay off debt and redesign the stores. Last year, MBK Partners joined hands with ·Canada Pension Plan Investment Board (CPPIB), Public Sector Pension Investment Board (PSP Investments) and Singapore-based investment company Temasek Holdings and acquired the full stake of Homeplus owned by U.K-based Tesco at 7.2 trillion won. Among the 7.2 trillion won, 4.3 trillion won was raised through acceptance financing of Hana Financial Investment Co., NH Investment & Securities Co., Shinhan Bank and Woori Bank.
By Song Gwang-sup
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