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MBK Partners put out five Homeplus stores for sale and leaseback

Collected: 2016.05.27

Distributed: 2016.05.30

Source: Go Direct

Korea’s largest private equity fund MBK Partners held an auction to raise around 700 billion won ($592 million) in leaseback arrangement for five lucrative outlets of superstore and grocery chain Homeplus Co. that it acquired last year.

The proceeds would be used to pay back some of the loans it raised to make the purchase and remodel Homeplus stores, according to industry bank sources on Thursday.

MBK Partners and its main underwriter Standard Chartered Securities Korea Ltd. invited tenders to sell five Homeplus outlets in Gimpo, Suwon, Gimhae, Dongdaemun, and Gajwa and run them in a long-term lease contract. At least five local brokerage houses including Samsung SRA Asset Management Co., Ryukyung PSG Asset Management, Capstone Asset Management Co., Koramco Asset Management Co., and Pebblestone Asset Management Co. entered the preliminary bid. The final bid will take place next month.

MBK Partners hopes to sell five Homplus branches and lease them back for the next 15 years on fixed terms. It plans to use the funds to pay off debt and redesign the stores.

MBK Partners last year formed a consortium with Canada Pension Plan Investment Board, Canada’s Public Sector Pension Investment Board, and Singapore-based Temasek Holdings to purchase 100 percent stake in Homeplus from U.K.-based Tesco at 7.2 trillion won. It borrowed 4.3 trillion won from Hana Financial Investment Co., NH Investment & Securities Co., Shinhan Bank, and Woori Bank in acquisition financing.

By Song Gwang-sup

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