법무법인(유한) 율촌 | Yulchon LLC

Yulchon's Real Estate Team successfully represented Lotte Shopping Co., Ltd. on the sale and lease-back of one Lotte Department Store building (Bundang Branch) and five Lotte Mart buildings (Guro, Dobong, Suji, Iksan and Sasang branches) to four real estate funds established by ING Real Estate Asset Management Co., Ltd. The transaction was valued at KRW 613 billion and closed on January 20, 2011.
 

The sale of the land portion of the Lotte Mart building in Guro was particularly complex because it is located in a special district where the sale of land requires the local government's permission, and there was controversy over whether a real estate fund could legally acquire and lease real estate within such a district under the relevant standards pursuant to the National Land Planning and Utilization Act. Yulchon successfully obtained an authoritative interpretation from the Ministry of Land, Transport and Maritime Affairs that the transaction would satisfy the standards.