"Taking Lotte World Tower's operating know-how outside the group"... Lotte Property & Development and Cushman & Wakefield Korea join forces on property management

[Financial News] Lotte Property & Development is joining forces with global, full-service real estate company Cushman & Wakefield Korea to expand its real estate services business, including property management and leasing and investment advisory.
According to industry sources on the 22nd, Lotte Property & Development signed a memorandum of understanding (MOU) with Cushman & Wakefield Korea to cooperate in real estate services.
Under the agreement, the two companies will establish a cooperation system covering property management (PM), leasing advisory, real estate consulting, and acquisition and disposition advisory. They plan to jointly identify new business opportunities by leveraging their respective expertise and networks while strengthening their competitiveness in real estate services.
PM is a service that oversees real estate operations, lease management, facility management, maintenance, and repairs on behalf of a property owner. Lotte Property & Development directly developed Lotte World Tower and Lotte World Mall and currently handles their property management.
The company has experience managing and operating facilities in high-rise mixed-use buildings. It also operates and manages Lotte Center Hanoi in Vietnam. The company explained that its strength lies in managing large-scale mixed-use facilities that house retail, offices, hotels, cinemas, and concert halls in a single building.
Cushman & Wakefield Korea provides comprehensive real estate services, including leasing and investment advisory, through its global network. Through this partnership, Lotte Property & Development plans to expand its service offerings by combining its existing development, operations, and property management capabilities with Cushman & Wakefield's leasing and investment advisory expertise.
Lotte Property & Development has recently been expanding its PM business to properties outside the group. It handles PM services for major prime offices in the Seoul metropolitan area, including Arc Place in Seoul's Gangnam Business District (GBD) and Pangyo H Square in the Bundang Business District (BBD). The company is broadening its business across the real estate sector, from investment and development to property management.
Jang Jae-hoon, CEO of Lotte Property & Development, said, "We will expand new business opportunities through our partnership with Cushman & Wakefield Korea, leveraging our development and operational experience and know-how involving key assets, including Lotte World Tower." He added, "We will provide customers with more competitive services and contribute to the development of Korea's property management market."

[email protected] Jang Yu-ha Reporter