Hyundai-Led Group to Buy Gangnam Site for $10 Billion
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Hyundai Motor Co., South Korea’s largest carmaker, led a group that outbid Samsung Electronics Co. for real estate in Seoul with a 10.6 trillion won ($10 billion) offer that was triple the property’s assessed value. Hyundai’s shares fell the most in more than three years.
The group, which includes affiliates Kia Motors Corp. and Hyundai Mobis Co., won the bid for the 79,342-square-meter site in the heart of the capital’s Gangnam district, the seller, Korea Electric Power Corp., said today in a statement. Kepco, as the utility is known, auctioned the site of its headquarters ahead of relocating to the south of the country as part of a government regional development plan.