Emart to Proceed with Sale of Gayang Branch... Aiming to Secure Investment Funds
[Asia Economy Reporter Seungjin Lee] Emart is pushing forward with the sale of its Gayang branch to secure investment funds.
Emart announced on the 15th that it has begun the process of selecting a lead manager for the sale of its Gayang branch in Gangseo-gu, Seoul. To this end, it recently sent a Request for Proposal (RFP) to domestic and international real estate advisory firms.
Emart plans to securitize store assets to secure investment funds. However, unlike the existing sale-and-leaseback method, this sale will be conducted on the premise of store closure followed by real estate development.
It is likely that Emart will re-enter and continue operations in the building developed into residential facilities after the store closure. Emart is expected to invest the secured cash into new businesses such as online ventures.
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An Emart official stated, "In the case of the Gayang branch, we are in the process of selecting a lead manager for the sale to strengthen profitability and financial soundness through efficient asset utilization, and store operations will continue stably regardless of the sale."
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