Emart weighs selling head office building as part of monetization strategy Supermarket chain is stepping up monetization efforts to invest in ecommerce
Translated by Ryu Ho-joung 공개 2021-07-09 07:32:19
이 기사는 2021년 07월 09일 07:30 thebell 에 표출된 기사입니다.
Emart Inc is considering selling its head office building in Seongsu-dong, east of Seoul, as the hypermarket operator steps up efforts to monetize its real estate assets to free up cash to invest in ecommerce.In response to media reports that Emart hired a real estate advisory firm to help sell its head office building, the company said in a filing on Wednesday that it has been considering options for an efficient use of assets but “nothing has been finalized”.
The building, which Emart has used as its headquarters since 2008, is symbolically important for the company as it has grown to the country’s No. 1 supermarket chain over this period.
The value of the building and the land has increased substantially for the past dozen years on the back of the development of the district. A full monetization of these assets is expected to raise as much as 1.5 trillion won ($1.3 billion).
The land spans around 15,000 square meters. The head office building and Emart’s Seongsu branch are on it with a total floor space of 99,000 square meters. The book value of these assets totals 96 billion won, one of the highest among more than 160 outlets carried on the company’s balance sheet.
Emart considering a sale of its head office building signifies the retail giant’s commitment to raising money to invest in future growth opportunities amid the fast-changing business landscape.
Emart’s monetization efforts began in 2019. That year, the company raised 1 trillion won through a sale and leaseback of its 13 stores. It sold land in Magok and Jangchung districts in Seoul to raise 1 trillion won in 2020 and raised 700 billion won through a sale of its Gayang outlet earlier this year.
Emart’s cash needs are expected to increase as the company last month agreed to buy 80% of eBay Korea, which operates open market platforms Gmarket and Auction, for 3.44 trillion won. After the deal was announced, Emart revealed a plan to invest about 1 trillion won in logistics infrastructure in the coming four years. But industry experts think the amount falls far short of what is needed to compete with online retail rivals.
Emart is expected to continue efforts to monetize its real estate assets to meet its cash needs. It currently owns about 80% of its more than 160 outlets. (Reporting by Hyo-jeom Jun)
< 저작권자 ⓒ 자본시장 미디어 'thebell', 무단 전재, 재배포 및 AI학습 이용 금지 >
관련기사
best clicks
최신뉴스 in 전체기사
-
- 우리금융 "롯데손보 M&A, 과도한 가격 부담 안한다"
- 신한캐피탈, 지속성장 포트폴리오 리밸런싱 체계 강화
- 하나금융, ELS 악재에도 실적 선방…확고한 수익 기반
- 하나금융, 자본비율 하락에도 주주환원 강화 의지
- 국민연금, '역대 최대 1.5조' 출자사업 닻 올렸다
- [도전 직면한 하이브 멀티레이블]하이브, 강한 자율성 보장 '양날의 검' 됐나
- [퍼포먼스&스톡]꺾여버린 기세에…포스코홀딩스, '자사주 소각' 카드 재소환
- [퍼포먼스&스톡]LG엔솔 예견된 실적·주가 하락, 비용 절감 '집중'
- [퍼포먼스&스톡]포스코인터, 컨센서스 웃돌았지만 주가는 '주춤'
- 신한금융, ‘리딩금융’ 재탈환에 주주환원 강화 자신감