South Korean retail giant Lotte has officially taken over Diamond Plaza, a retail and residential building in the center of Ho Chi Minh City, after an undisclosed deal with major investor Posco, local media reported.
Lotte has reportedly replaced Posco, also from South Korea, to own 70 percent in a joint venture with a Vietnamese company that runs the 22-story multipurpose building, located at the expensive corner of Le Duan and Pham Ngoc Thach in District 1.
The acquisition of the property, which includes an office tower and serviced apartments, is seen by local media as a strategic move that can help Lotte strengthen its presence in Vietnam.
Last April, the group also bought a majority stake in five-star hotel Legend Saigon from Japan's Kotobuki.
The South Korean giant currently has a number of mixed-use projects in development, including the Lotte Center in Hanoi and an urban project in Thu Thiem.
Sources said it plans to buy local electronics retail chain Pico.
Lotte has just opened a new shopping center at one of Pico’s stores in Ho Chi Minh City.
In Hanoi, another Pico’s store has also been replaced with a Lotte supermarket.