Hyundai in talks with investors to develop new headquarters

Hyundai intends to construct its new headquarters in Seoul by 2023.

Hyundai Motor is in talks with possible investors to develop its new headquarters planned for the Seoul, South Korea to share extra investment costs worth about 3.7 trillion won ($3.27 billion), it stated on Sunday.

The South Korean automaker stated in a statement that the company discussing various investors, consisting of pension funds, that are taking interest in the project.

“The joint development is expected to alleviate the Group’s direct investment scale and enhance the Group’s overall brand image,” the statement reads.

Hyundai intends to construct its new headquarters in Seoul by 2023.

Hyundai purchased the property in southern Seoul from state-run utility Korea Electric Power Corp at a record $10 billion in 2014, three times more than its appraised market price.

The headquarters project has been subjected to criticism. Hyundai shareholders such as U.S. hedge fund Elliott Management, which has called on Hyundai to cancel the project.