Aekyung Group's department store subsidiary, AK Plaza, announced on the 26th that it will acquire revenue securities from a real estate fund that has the AK Plaza Bundang branch as an investment asset.
Through this acquisition of revenue securities, AK Plaza is expected to establish a stable business structure for the Bundang branch, leading to improved profitability in the medium to long term. The equity purchase will utilize funds procured through affiliates and part of the paid-in capital increase.
As part of its financial restructuring efforts in 2015, AK Plaza decided on a sale and leaseback of the Bundang branch and sold it to Capstone Asset Management.
This acquisition of revenue securities will proceed in the form of additional equity in the real estate fund established by Capstone Asset Management for the AK Plaza Bundang branch. AK Plaza plans to complete the acquisition by next month with the goal of securing the maximum equity stake.
An AK Plaza official noted, "Acquiring the equity of revenue securities will not only secure a stable business structure for the Bundang branch, but also lay the groundwork for future reinvestment through improved profitability."