The Homeplus Bucheon Sangdong store will be transformed into a large-scale 49-story mixed-use residential complex.
Lotte E&C said Thursday it has successfully secured 1.5 trillion won in project financing (PF) for the "Homeplus Bucheon Sangdong Mixed-Use Development Project." Kiwoom Securities, which arranged the PF, raised 770 billion won, with major domestic brokerages including Woori Investment & Securities, Daishin Securities, and Samsung Securities joining the lender group.
The project involves closing the Homeplus Bucheon Sangdong store and developing the site into a mixed-use residential complex comprising seven 49-story buildings with 1,859 apartment units. The site offers convenient transportation access, located near the Bucheon Express Bus Terminal and Sangdong Station on Subway Line 7. It marks the first groundbreaking among Homeplus site development projects being pursued by Lotte E&C.
The financing agreement is also expected to improve Lotte E&C's financial structure. With the execution of this PF, contingent liabilities of 228 billion won will be fully resolved, reducing Lotte E&C's total contingent liabilities to approximately 2.7 trillion won. "The significance of this project lies in the fact that the proceeds generated will be sufficient to cover the operations or development costs of other supermarkets within the fund," a Lotte E&C official said.
