Following a bidding process, Shinsegae Group has become the manager for Coex Mall and the adjacent CALT shopping arcade in Samseong-dong, southern Seoul.

An official signing has taken place with the Korea International Trade Association (KITA), which owns the two venues.

The confirmation comes three months after Shinsegae Property, the shopping-mall management arm of the retail giant, was chosen as preferred bidder.

Shinsegae Group expects the lease profit to be around 66 billion won (US$58.3 million) this year.