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Photo = Yonhap news |
[Alpha Biz= Paul Lee] On May 16, CJ Olive Young announced in a regulatory filing that it will acquire the KDB Life Tower located in Yongsan-gu, Seoul.
The acquisition price is KRW 674.4 billion, representing approximately 29.7% of the company’s total assets (KRW 2.268 trillion). The acquisition is scheduled to be completed on May 30.
The company stated that the building will be used as its new headquarters, with the purchase funded through a combination of internal capital and external borrowing.
Situated near Seoul Station, KDB Life Tower is a large office building with nine underground floors and 30 floors above ground, offering a total floor area of approximately 82,000 square meters. CJ Olive Young has been leasing the property as its headquarters since 2021 and currently occupies 14 floors, or roughly 40% of the leasable area.
The acquisition decision reportedly reflects the company's intention to secure a permanent base aligned with its rapid growth.
Founded in 1999, CJ Olive Young surpassed KRW 1 trillion in revenue in 2016, followed by KRW 2 trillion in 2021, KRW 3 trillion in 2023, and KRW 4 trillion in 2024, marking swift and consistent expansion.
In 2024, CJ Olive Young reported standalone revenue of KRW 4.7899 trillion, a 24% increase year-on-year, and net income of KRW 470.2 billion, up 35%. If the current growth trend continues, the company is expected to reach close to KRW 6 trillion in revenue this year.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
