Ciputra Adigraha-Lotte sign agreement for leasing at Ciputra World

JAKARTA: PT Ciputra Adigraha, a subsidiary of PT Ciputra Property Tbk , signed a lease agreement with PT Lotte Shopping Plaza Indonesia. Under the agreement, Lotte will rent and manage the entire area of Ciputra World mall for a period of 20 years.The 130,000-sqm mall is part of Ciputra World Jakarta which is in construction process and takes place at one of prominent Jakarta business districs.In a press statement, the company said that the mall in Ciputra World is expected to operate by the second half next year. This mall is going to be integrated to other facilities in Ciputra World such as Raffles Hotel, myHome apartments, Raffles Residences, Ciputra World office Tower as well as Ciputra Artpreneur Centre which consists of an art museum and auditorium.Lotte Group previously entered Indonesian markeyt through acquisition of PT Makro Indonesia and by opening as well as managing Lotte Mart, a hypermarket which is rapidly developing. Currently, there are 21 Lotte Mart outlets in Indonesia. Lotte is now bringing in Lotte Department Store into Indonesian market by first targeting Ciputra World Jakarta.Lotte group is the largest retail group in South Korea and has operation in nine countries including South Korea, Japan, Vietnam, China, Indonesia and Russia. The groups line of business consists of retail, food & beverage, tourism, petrochemical, construction and manufacturing. In retail sector, Lotte owns and manages Lotte Department Store, Lotte Mart, Lotte Super, Lotte Duty Free Store and Lotte Home Shopping. In Seouls central business district, Lotte owns Lotte Department Store which houses well known brand names such as Louis Vuitton, Hermes, Gucci, etc.(NOM)