Hanwha Galleria Acquires Sunhwa Building for 213.5 Billion Won

Hanwha Galleria announced on June 24 that it has signed a memorandum of understanding (MOU) to acquire the Sunhwa Building and six other parcels of land located at 89 Seosomun-ro, Jung-gu, Seoul, from Hanyang Academy and two other parties.

According to the Financial Supervisory Service's electronic disclosure system, the planned acquisition amount is 213.5 billion won, which represents 10.6% of the company's total consolidated assets as of the end of last year. The MOU grants Hanwha Galleria the exclusive negotiation rights for the purchase of the building and land.

The company believes that the asset's central location in Seoul enhances its future utilization potential. Hanwha Galleria is currently exploring various options for the property, including securing office space. Due diligence is underway, with plans to finalize the contract in the second half of the year.

However, the company clarified that while it has secured exclusive negotiation rights through the MOU, no specific details have been finalized yet. Further announcements will be made once the specifics are determined.

In related news, Hanwha Galleria reported a consolidated revenue of 126.1 billion won for the first quarter of this year, a decrease of 2.4% compared to the same period last year. Conversely, operating profit surged to 12.3 billion won, marking a 550.8% increase during the same timeframe.