Jun 3, 2011

Ciputra, Lotte sign lease agreement

PT Ciputra Adigraha, a subsidiary of PT Ciputra Property Tbk, signed a lease agreement with PT Lotte Shopping Plaza Indonesia. 
Under the agreement, PT Lotte Shopping Plaza Indonesia, a subsidiary of Lotte Shopping Co, will rent and
manage the entire area of Ciputra World mall for a  period of 20 years. The 130,000 sqm mall is a part of Ciputra World Jakarta which is under construction in Jl. Prof. Dr. Satrio, Jakarta’s CBD. 
Lotte Group has previously entered Indonesia by purchasing PT Makro Indonesia and by opening as well as managing Lotte Mart, a hypermarket which is rapidly developing. 
Currently, there are 21 Lotte Mart outlets in Indonesia. Not satisfied with just hypermarket, Lotte is now bringing in Lotte Department Store into Indonesia by first targeting Ciputra World Jakarta.
“We believe that Indonesia is a country with promising economic growth for the retail business”, according to Mr Park Keum Soo, Director of Lotte Shopping Co. 
Lotte group is the largest retail group in South Korea and is one of the largest in the world. Presently, Lotte Group has operation in  9 countries including South Korea, Japan, Vietnam, China, Indonesia and Russia. 
The group’s line of business consists of retail, food & beverage, tourism, petrochemical, construction and
manufacturing. In retail sector, Lotte owns and manages Lotte Department Store, Lotte Mart, Lotte Super, Lotte Duty Free Store and Lotte Home Shopping. 
“We are very pleased with the opportunity to open Lotte Department Store in Ciputra World Jakarta, which is one of the best superblock developments in Jakarta”, said Suh Chang Suk, President Director of PT Lotte Shopping Plaza Indonesia, in a press statement today. 
Candra Ciputra, President Director of Ciputra Group warmly welcomed the presence of Lotte Group. “Lotte has a convincing performance and serves the high end market which is suitable for Ciputra World. The mall will be an  important destination in Jl. Prof. Dr. Satrio which is planned to be the commercial and shopping belt of Jakarta.”  

Disclosure: No position at the stock mentioned above.

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