Hyundai Elevator Sells Building and Affiliate Shares

Hyundai Elevator has announced the sale of its office building in Yeonji-dong, Jongno-gu, Seoul, for KRW 450 billion (US$321.4 million), THE CHOSUN Daily reports. Hyundai Elevator sold the property to Bolt Asset Management. Major affiliates will remain in the building through a sale and leaseback arrangement after the sale. The Yeonji-dong office was acquired by Hyundai Group in 2008 and has served as a key hub since 2010. Hyundai Elevator previously sold the building to Koramco Asset Management in 2012 to secure liquidity during a financial crisis but repurchased it in 2017. Unlike the 2012 sale, which focused on liquidity, this transaction prioritizes asset efficiency, including investment and shareholder returns. The company also stated it will sell 7.8 million shares of its logistics affiliate Hyundai Movex for KRW 73.5 billion (US$52.5 million). Once this transaction is completed, Hyundai Elevator’s equity stake in Hyundai Movex will drop from 55.88% to 48.87%. Hyundai Elevator stated the proceeds from the building and stock sales will be used to “secure new growth engines through AI and future technology development.”