VT to Acquire Land, Building in Seongsu-dong for 79 Billion Won... "Strengthen Foundation for Medium- to Long-Term Growth"

Beauty company VT plans to acquire land and a building in Seongsu-dong, Seoul, for 79 billion won. In response to sales growth and business expansion, the company plans to secure a headquarters and consolidate its dispersed workspaces to reduce rental costs and improve work efficiency.

VT disclosed on Oct. 26 that it had decided to acquire land and a building in Seongsu-dong 2-ga, Seongdong-gu, Seoul. The acquisition covers 1,154.70 square meters of land and a building with a floor area of 10,689.51 square meters. The purchase price is 79 billion won, equivalent to 22.35% of VT's total assets as of the end of 2025, based on its consolidated financial statements.

The acquisition will be funded through the company's available cash and loans from financial institutions. A 15.8 billion won down payment will be made on Oct. 26, the date the contract is signed, and the remaining 63.2 billion won is scheduled to be paid on Dec. 24. The purchase price excludes incidental costs related to the acquisition, including taxes, public charges and fees.

Both the acquisition date and the scheduled date for registration of ownership are Dec. 24. However, the acquisition schedule and payment dates may change following discussions with the counterparty.

The headquarters purchase is intended to secure workspaces in response to business expansion. VT currently uses an office in Samseong-dong, Seoul, as well as nearby rented office space. The company expects that securing a new headquarters will allow it to consolidate its dispersed workspaces in one location, reducing rental costs and improving work efficiency.

A VT representative said, "This headquarters purchase is a strategic decision to respond to continued sales growth and business expansion and to establish a stable business environment. We will strengthen the foundation for medium- to long-term growth by improving the working environment for our employees and enhancing work efficiency."

Meanwhile, Rian Accounting Corporation, an external appraisal firm, issued an "appropriate" opinion in its assessment of the reasonableness of the asset acquisition price.

This content was produced with the assistance of AI translation services.