Fashion group LF acquires property management company

By Lim Chang-won Posted : November 22, 2018, 11:12 Updated : November 22, 2018, 11:12

[LF]


SEOUL -- LF, a fashion and retail group established by a scion of LG Group's founder, acquired Koramco Reits Management and Trust, a leading real estate management company, in an effort to diversify its business portfolio into property finance.

LF said in a regulatory filing Thursday that it would purchase a 50.74 percent stake in Koramco for 189.8 billion won ($167.9 million). The stake included a 5.43 percent stake owned by Koramco founder and former finance minister Lee Kyu-sung. Koramco's asset management subsidiary will be turned over simultaneously to LF.

LF, which owns apparel brands Daks, Lafuma, Maestro, and Hazzys, was founded in 2007 by Koo Bon-keul, a grandson of LG Group's late founder Koo In-hwoi, after LG International separated its fashion business. LF is also involved in retail business in the fields of food, cosmetics, outlets and online malls.
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