Lotte Shopping Co., the flagship affiliate of retail conglomerate Lotte, said Tuesday it has signed a deal to sell some of its stores in an effort to boost liquidity.

Under the 602 billion won ($591 million) deal signed on Monday, the company will sell two department stores and five discount chain properties across the nation to KB Asset Management, according to a press release.

Lotte Shopping, the country’s second-largest retailer, will then lease the sold properties under a 20-year term that readjusts the rent every seven years, it said.

The company said the leaseback method is expected to help cut costs while guaranteeing a stable rent profit for the investor. The asset sale is the latest in Lotte Shopping’s efforts to improve its financial portfolio. The company also sold some of its assets under leaseback deals in 2008 and 2010. (Yonhap)