Hyundai driving talks for new Seoul HQ

Hyundai driving talks for new Seoul HQ
Hyundai has pitched an additional $3.27 billion of investment for its new headquarters.

Seoul - Project, however, has been criticised by shareholders such as US hedge fund Elliott Management



By Reuters

Published: Sun 10 Mar 2019, 6:33 PM

Last updated: Sun 10 Mar 2019, 8:35 PM

Hyundai Motor is in talks with potential investors to develop its new headquarters planned for the South Korean capital of Seoul to share additional investment costs worth about 3.7 trillion won ($3.27 billion), it said on Sunday.
The South Korean automaker said in a statement that the company is in talks with various investors, including pension funds, that are showing interest in the project.
"The joint development is expected to alleviate the Group's direct investment scale and enhance the Group's overall brand image," the statement added.
Hyundai Motor aims to construct its new headquarters in Seoul by 2023.
Hyundai purchased the property in southern Seoul from state-run utility Korea Electric Power Corp (Kepco) at a record $10 billion in 2014, more than triple its appraised market price.
The headquarters project has been criticised by Hyundai shareholders such as US hedge fund Elliott Management, which has called on Hyundai to drop the project.
Hyundai and Elliott are heading for a showdown at this month's shareholders meeting as Elliott has called for higher dividends and made recommendations for new board members.


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