LF Corp. agreed to acquire 50.7% stake in Koramco REITs Management & Trust Co., Ltd. from Korean Reinsurance Company, Kyusung Lee, and others for approximately KRW 190 billion.

LF Corp. (KOSE:A093050) agreed to acquire 50.7% stake in Koramco REITs Management & Trust Co., Ltd. from Korean Reinsurance Company (KOSE:A003690), Kyusung Lee, and others for approximately KRW 190 billion on November 21, 2018. Under the terms of the transaction, LF Corp.

will acquire 1.12 million shares. The transaction will be funded from retained funds. The deposit was paid on November 23, 2018 and remaining amount will be paid on March 22, 2019.

For the year ended December 31, 2017, Koramco REITs Management & Trust Co., Ltd. reported total assets of KRW 421.5 billion, total capital of KRW 224.9 billion, sales of KRW 124.1 billion, and net profit of KRW 48.4 billion. The transaction was resolved by the board of LF Corp. on November 21, 2018.

As of March 21, 2019, the transaction is expected to close on March 22, 2019. PricewaterhouseCoopers Korea acted as external rating institution.