South Korea’s Lotte has acquired a majority share in Ho Chi Minh City shopping centre, office and apartment complex Diamond Plaza.
Lotte has bought out another Korean business’ 70 per cent stake in the high profile 20-story tower housing a multi-level department store, foodcourt and other retail facilities, along with offices, a medical centre, cinema and apartments.
It was one of the first modern era shopping developments in downtown Saigon, although its footprint is dwarfed by more recent developments such as Vincom and Union Square.
Lotte already has extensive investments, and reach, in Vietnam, operating Lotte Mart hypermarkets, cinemas, a hotel on the Saigon River front and the Lotteria fast food chain.
Diamond Plaza was opened in August 2000, then valued at US$60 million. It was a joint venture between local developer Construction Corporation No.1 and Korean steel company Posec, a subsidiary of steel maker Posco. Lotte has bought out Posec’s interest for an undisclosed amount.
In another transaction not officially announced, Lotte has purchased two Pico Plaza branded shopping centres in Hanoi and Ho Chi Minh City and rebranded them Lotte after converting supermarkets into Lotte Mart hypermarkets.
