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The image of KDB Life Tower. [Photo: KDB Life Insurance] |
[Alpha Biz= Paul Lee] CJ Olive Young is set to acquire the KDB Life Tower near Seoul Station, which it has been leasing as its headquarters. The building is valued at over 600 billion KRW (approximately 450 million USD).
On the 19th, CJ Olive Young announced that it had been selected as the preferred bidder for the acquisition of KDB Life Tower.
Located at 372 Hangang-daero, Yongsan-gu, Seoul, the KDB Life Tower is an office building near Seoul Station, with a total floor area of approximately 82,000 square meters, spanning from 9 underground floors to 30 above-ground floors.
Since 2021, CJ Olive Young has been leasing around 40% of the building for its headquarters.
The company plans to secure the acquisition funds through internal financing.
CJ Olive Young surpassed 1 trillion KRW in annual sales for the first time in 2016 and is estimated to have achieved over 4 trillion KRW in sales last year.
Earlier this month, CJ Olive Young established its U.S. subsidiary, "CJ Olive Young USA," in Los Angeles, California, marking the start of its full-scale entry into the American market.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
