Hanwha Galleria has signed a memorandum of understanding to purchase the Sunhwa Building and its land in Seoul’s Jung-gu district for 213.5 billion Korean won (approximately $160 million USD). The agreement involves the acquisition from Han Yang University Foundation and two other parties. Located on Seosomun-ro, the building’s purchase signifies Hanwha Galleria’s expansion of its real estate portfolio. Details regarding the intended use of the property have not yet been disclosed. The deal is expected to bolster Hanwha Galleria’s presence in the central Seoul area. Further steps, including a formal contract, are anticipated following the memorandum of understanding. This acquisition reflects ongoing investment in Seoul’s commercial real estate market.