Hyundai Motor Co is engaging with financial institutions to share development costs for its planned Seoul headquarters, which could total 3.7 trillion won ($3.27 billion), according to a recent statement. The project, scheduled for completion by 2023, would replace the automaker's current headquarters in southern Seoul.
The company acquired the site from Korea Electric Power Corp (KEPCO) in 2014 for $10 billion, more than three times its appraised value. This purchase, documented in a 2017 photo, has drawn criticism from shareholders including U.S. hedge fund Elliott Management Corp, which has opposed the project and pushed for higher dividends.
Conflict between Hyundai and Elliott is expected to escalate at the upcoming shareholders' meeting, where the fund is advocating for board restructuring and increased shareholder returns. The project's financial details and strategic rationale were outlined in a company statement, though no specific investor agreements have been finalized yet.
