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McDonald’s Korea up for sale with focus on its real estate McDonald's Korea's prime real estate may lure potential buyers

Translated by Kim So-in 공개 2022-06-15 08:12:27

이 기사는 2022년 06월 15일 08:08 더벨 유료페이지에 표출된 기사입니다.

McDonald’s Korea, the local unit wholly owned by the U.S. fast-food giant, is seeking a new owner, with attention being paid to the value of real estate it owns.

McDonald’s Corp, the world’s top fast-food restaurant operator, has hired a manager to handle the sale process, according to industry sources on Monday. McDonald’s is selling its entire stake in the Korean unit after its first failed attempt six years ago.

The sale of McDonald’s South Korean operation comes amid the latest burger chain sales rush here. Burger King’s operations in South Korea and Japan and KFC Korea are already up for sale while a local low-cost burger chain Mom’s Touch is expected to be put up on sale in the second half.

McDonald’s Korea is attracting extra attention with real estate it owns. The company had land worth 102.7 billion won and buildings worth 69.3 billion won based on the book value as of the end of last year. The land is valued at 136.8 billion won in terms of the official appraised land price.

McDonald's is the only fast-food chain in Korea that owns this size of properties. Mom’s Touch, which operates 1,500 stores nationwide, has real estate valued at about 28 billion won based on the book value.

BKR, which operates Burger King Korea, owns real estate worth 1.2 billion won based on the book value. BKR operates some 400 Burger King stores in Korea.

This difference is attributable to McDonald’s real estate strategy. It owns the land and buildings at most of its locations – and its franchisees pay McDonald's rent.

As most of the properties owned by McDonald's Korea are located in commercial areas, market insiders believe that the actual value will significantly exceed the book value and the official appraised land prices. This will likely lure more potential buyers to the deal.

McDonald’s South Korean unit recorded revenue of 868.7 billion won in 2021 despite the Covid-19 pandemic, but it has been in the red with an operating loss of 27.7 billion won last year and 48.3 billion won in 2020. (Reporting by Byung-keun Kam)
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