Homever Agrees to $663 Million Sale Leaseback of 10 Hypermarkets in Korea

Namnews - December 22, 2006

E-Land Ltd., which bought Carrefour's local outlets earlier this year, has said it will sell 10 of the stores and lease them back, raising $663m. E-Land will sell the 10 stores next week to real estate firm Koramco Reits Management and Trust Co. Ltd., and the funds raised will be used to repay debt and upgrade its shops, it said. E-Land will lease the shops back and continue to operate them under its Homever brand.

Carrefour sold its 32 Korean outlets to E-Land for $1.85bn. Carrefour has invested about $1.1bn since it entered South Korea in 1996, but left the $22bn local discount store market after underperforming. Sphere: Related Content