[Edaily Reporter KIM JUNG YOU ] HANWHA GALLERIA(452260)announced on the 26th that it has decided to acquire the Sunhwa Building in Jung-gu, Seoul, and adjacent lots from the Hanyang Academy Educational Foundation and others for 2135억 won.

This transaction represents 10.5% of HANWHA GALLERIA’s total assets, and the purpose of the acquisition is to secure a corporate headquarters.

The company stated, “We expect to enhance management stability and increase asset value over the medium to long term by securing our own headquarters building.”

The transaction amount will be paid in cash on August 31, with funding to come from the company’s own funds and loans from financial institutions.

Previously, at its shareholders’ meeting last March, HANWHA GALLERIA mentioned, “We will review various investment plans, including real estate development, to lay the foundation for mid- to long-term growth.”

In fact, HANWHA GALLERIA has been preparing for real estate development projects since last year, securing plots of land in Seogyo-dong, Sinsa-dong, and Cheongdam-dong, among other areas.

Meanwhile, HANWHA GALLERIA is expected to become a core component of the Life Division—led by Executive Vice President Kim Dong-seon, the third son of Chairman Kim Seung-yeon—as part of the Hanwha Group’s spin-off process scheduled for August.