LX Group will acquire the LG Gwanghwamun Building in Jongno-gu, Seoul, to secure a headquarters.
On Oct. 17, LX Holdings disclosed that it will acquire land and buildings and other tangible asset in Jongno-gu, Seoul, from LG Corp. LX Holdings said the move is for "enhancing mid- to long-term asset value and establishing a foundation for sustainable growth."
The acquisition price is 512 billion won, equivalent to 26.88% of LX Holdings' total asset aggregates. The acquisition reference date and the expected registration date are Dec. 31.
The LG Gwanghwamun Building is an office with five basement floors and 14 above-ground floors, with a total floor area of 51,312 square meters. Currently, LX Holdings and LX Group affiliates such as LX International and LX Pantos lease part of the space for their headquarters. From LG Group, LG H&H has offices in the building.