Hyundai Motor wins bid to buy KEPCO property in affluent Gangnam

By Park Sae-jin Posted : September 18, 2014, 17:14 Updated : September 18, 2014, 17:17

 

Hyundai Motor Group has won the bid to buy Korea Electric Power Corp.‘s (KEPCO) main office property in southern Seoul for 10.55 trillion won (approximately US$10.14 billion), the state-run power company said on Thursday.

The sum is more than three times an earlier estimation of 3.33 trillion won.

The automotive group and two of its affiliates, Kia Motors and Hyundai Mobis, beat Samsung Electronics to acquire the 79,342 square meters of land, an affluent Gangnam district where it plans to build a global business center and an auto theme park.

KEPCO sold the lucrative property to reduce its debts in compliance with the government's plan to normalize debt-ridden public firms.

KEPCO said it will sign the deal with Hyundai Motor by Sept. 26.

KEPCO is set to relocate its main office to Naju in the southwestern part of the country in November.
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