Hyundai Motor Co., the Seoul-based South Korean Multinational automotive manufacturer had been in crucial discussions with potential investors in order to develop their new headquarters and to share additional investment costs of $3.27 billion, the largest South Korean automaker told on Sunday, the 10th of March, 2019.
Besides, the Hyundai Motors had also mentioned that their new headquarters would be in the South Korean capital of Seoul. In fact, on Sunday (March 10th), the five-decade-old automaking giant had issued a statement saying that they had been in transpicuous, yet critical talks with multiple investors including pension funds, who had also shown interest in the project.
Statement issued on Sunday (March 10th) morning also added, “The joint development is expected to alleviate the Group’s direct investment scale and enhance the Group’s overall brand image”. In fact, the Hyundai Motor’s had been aiming to conclude constructions of their new headquarters in Seoul by 2023.
Hyundai had purchased the property for their much-criticized headquarter project in the southern part of Seoul from a state-run utility company, Korea Electric Power Corp, at a $10 billion deal in 2014 and the amount was considered to be more than triple of its actual market price.
Larger stakeholders of Hyundai such as US Hedge Fund Elliott Management Corp. had utterly criticized the headquarter project and asked Hyundai to drop the project.