Images of VT's flagship products, including the Ridle Shot (left) [VT]
Images of VT's flagship products, including the Ridle Shot (left) [VT]

VT, the K-beauty company behind the hit Ridle Shot skincare line, is buying a property in Seongsu-dong, Seoul.

The company said Monday it had decided to acquire land measuring 1,154.70 square meters and a building of 10,689.51 square meters in Seongsu-dong 2-ga, Seongdong-gu, Seoul, for 79 billion won ($59.7 million). The purchase price represents 22.35 percent of the company's total assets of 353.5 billion won.

VT plans to fund the acquisition through cash on hand and borrowings from financial institutions. A deposit of 15.8 billion won was paid Monday, the date the contract was signed, with the remaining balance of 63.2 billion won due on Dec. 24. Ownership registration is also scheduled for Dec. 24.

The company said the purchase was driven by its sales growth and business expansion, and that securing its own headquarters would reduce rental costs, establish a long-term operational base and improve overall efficiency.


siuu@heraldcorp.com