Emart resumes selling real estate amid delayed listing of SSG.com
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By Eom Ha Eun
Emart, which has raised money through real estate sales, recently began pushing ahead with selling two more branches at once.
Considering that it needs a large amount of money in the wake of a series of huge investments, its latest attempt has been viewed as a countermeasure against the unexpectedly delayed listing of SSG.com on the stock market.
The two branches that Emart seeks to sell are the Myeongil branch in Seoul’s eastern district of Gangdong-gu and the Munhyeon branch in Busan.
Deloitte Anjin, the underwriter for the seller, plans to distribute an investment prospectus soon.
“We have sought to sell our two branches,” an Emart official said. “We have finished selecting the underwriter, but we have yet to decide how we will sell them.”
The company is expected to sell the branches in a sale-and-leaseback transaction in which a seller leases assets back, after a buyer renovates them.
When Emart sold its 13 branches in sale-and-leaseback transactions in 2019, it secured 950 billion won ($751 million).
Emart explained that its real estate sales are intended to “switch to digital assets” and to “strategically redeploy real estate it has.”
A year after selling its 13 branches in 2019, Emart actually secured 870 billion won by selling a plot of land in Magok-dong, western Seoul. Last year, it earned an additional 1.22 trillion won by selling its main branch in Seongsu-dong, eastern Seoul.
The money it earned from the real estate sales were used to acquire the SSG Landers professional baseball team and Gmarket Global.
Because Emart has also continued investments in its affiliates including a startup developing novel drugs, it has had no choice but to consider various measures to raise money.
However, Emart is expected to continue selling its real estate for a while, as it has been highly probable that the listing of SSG.com, which was regarded as a great opportunity for the company to raise money, will be delayed until next year.
*This was translated from the article originally written in Korean. For more accurate information, please refer to the original version by using the link below. In case of discrepancies between the two versions, the Korean version shall prevail.
https://n.news.naver.com/article/374/0000287401
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