South Korean carmaker Hyundai Motor Co. is in talks with potential investors for the joint development of its planned 3.7 trillion won headquarters in Seoul, Reuters reported March 10, citing a company statement.
The planned site is expected to be built on a property that Hyundai purchased from state-run utility Korea Electric Power Corp. for $10 billion in 2014, the report said. Hyundai aims to construct the site by 2023, Reuters added.
"The joint development is expected to alleviate the group's direct investment scale and enhance the group's overall brand image," Hyundai reportedly said in a statement.
The carmaker reportedly is in talks with a range of investors, including pension funds, to share investment costs for the project.
Activist investor Elliott Management Corp. has criticized Hyundai's headquarters plan, deeming the acquired land as among the company's noncore assets.
As of March 8, US$1 was equivalent to 1,132.35 South Korean won.