CJ Olive Young to Acquire KDB Life Tower Near Seoul Station

CJ Olive Young announced on the 16th that it will purchase the KDB Life Tower in Yongsan-gu, Seoul for 674.4 billion KRW.

The acquisition price corresponds to 29.7% of the company's total assets of 2.268 trillion KRW. The scheduled acquisition date is the 30th of this month. The company explained that the purpose of the acquisition is to use the building as its headquarters, and that the purchase funds will be sourced from both internal capital and external borrowing. CJ Olive Young has been leasing the KDB Life Tower as its headquarters since 2021.

Located near Seoul Station, the KDB Life Tower is an office building with 9 underground floors and 30 above-ground floors, and has a total floor area of approximately 82,000 square meters.

Olive Young recorded 4.7899 trillion KRW in standalone sales last year, a 24% increase compared to the previous year. Net profit for the year was 470.2 billion KRW, up 35%.