Hanwha Galleria appears to be pursuing the purchase of an office building in Jung-gu, Seoul, from Hanyang University.
Hanwha Galleria disclosed on the 24th that it signed a memorandum of understanding (MOU) with the owner, the school corporation Hanyang Foundation, and two others to acquire the Sunhwa Building on Seosomun-ro in Jung-gu, Seoul. Under the agreement, Hanwha Galleria obtained the right of first refusal to purchase the property.
The transaction target includes six parcels of land and the entire building at 89 Seosomun-ro, Jung-gu, Seoul. The tentative acquisition price is set at 213.5 billion won, accounting for about 10.6% of Hanwha Galleria's total assets on a consolidation basis at the end of last year.
Hanwha Galleria is said to be reviewing various uses, including securing office space. Due diligence is underway, with the final main contract expected to be completed in the second half of the year.