April 27, 2024

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[THE INVESTOR] Samsung Medical Foundation has acquired a building owned by Hyundai Green Food in Jongno, Seoul, for 30.5 billion won (US$27.28 million), according to industry sources on Nov. 8.

The Seojin Building is in the vicinity of Kangbuk Samsung Hospital, operated by Samsung Medical Foundation, which was a tenant before the sale. 

The Samsung affiliate decided to buy the entire building and finally signed a deal without taking any loans, according to sources.

Hyundai Department Store’s food distribution and catering subsidiary got possession of Seojin Building in 1995 after acquiring business travel management firm Seojin Air, now renamed Hyundai Dream Tour.

Since Hyundai Green Food has received the entire transaction amount that exceeds its book value, the deal will be reflected as its net profit in the fourth quarter.

Established in 1967, Hyundai Green Food’s sales in 2017 reached 2.53 trillion won with operating profit of 87.9 billion won.

By Song Seung-hyun(ssh@heraldcorp.com)