Hanwha Galleria to Acquire Soonhwa Building for 213.5 Billion Won

Hanwha Galleria is pursuing the acquisition of the Soonhwa Building in Jung-gu, Seoul for real estate investment purposes.

The exterior of Timeworld (left) and Galleria Gwongyo. Hanwha Galleria

According to the Financial Supervisory Service's electronic disclosure system on June 24, Hanwha Galleria signed a memorandum of understanding (MOU) with Hanyang Academy Foundation and two other parties to acquire the land at 89 Seosomun-ro and five other parcels, as well as the Soonhwa Building. The purchase price is 213.5 billion won.

Through this MOU, Hanwha Galleria has secured preferential negotiation rights for the purchase of the building.

However, as the details have not yet been finalized, an additional disclosure will be made once specific matters are determined in the future.

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