Samsung Heavy Industries Sells Pangyo Office Building for 400 Billion Won to "Strengthen Future Competitiveness"

'Sales and Leaseback'

On the 16th, Samsung Heavy Industries announced that it will dispose of its Pangyo R&D (Research and Development) Center for 400 billion KRW to improve financial soundness and secure investment funds. The counterparty is Aegis Long Whale No.1, a real estate investment company under entrusted management.

Samsung Heavy Industries Pangyo R&D Center

Located in Bundang-gu, Seongnam-si, the Samsung Heavy Industries Pangyo R&D Center was completed in December 2014, with a site area of 7,460㎡ (approximately 2,257 pyeong) and consisting of 5 basement floors and 8 above-ground floors.

Samsung Heavy Industries plans to accelerate its future preparations by utilizing the proceeds from the sale of the Pangyo R&D Center. It has been expanding investments in demonstration facilities to strengthen product and technological competitiveness for eco-friendly ships such as ammonia and LNG, as well as in shipyard unmanned automation and autonomous navigation.

The contract is a 'sale and leaseback' arrangement, under which Samsung Heavy Industries will continue to maintain its Pangyo site by converting it to a leased property after the sale.

A Samsung Heavy Industries official stated, "The decision to sell was made to proactively respond to the rapidly changing business environment, strengthen future competitiveness, and improve the financial structure."