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Lotte Shopping buys department stores from POSCO

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(Globalpost/GlobalPost)

SEOUL, Sept. 4 (Yonhap) -- Lotte Shopping, the flagship of retail conglomerate Lotte, said Thursday it has signed a deal to buy two department stores in Korea and Vietnam from POSCO affiliates, a move that is expected to strengthen its international expansion.

Under the deal, Lotte Shopping is set to acquire "Diamond Plaza," a multipurpose property in Ho Chi Minh City, Vietnam, from POSCO Engineering and Construction, the company said in a press release.

Lotte Shopping, which recently opened a store in Hanoi, said it plans to obtain a state permit this year and begin operation in the first half.

The company also signed a deal with another POSCO affiliate -- Daewoo International -- to buy the firm's property in the southeastern port city of Masan.

Lotte Shopping will lease and operate the "Daewoo Department Store" for 20 years. The company said it plans to conclude regulatory procedures this year and launch operation early next year.

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