The boards of Hyundai Motor Group affiliates that formed a consortium to purchase prime real estate in Seoul for 10.55 trillion won ($10.09 billion) on Friday approved the deal, validating the conglomerate’s decision.

Hyundai Motor, Kia Motors and Hyundai Mobis make up the consortium, with Hyundai Motor, the country’s largest carmaker, footing 55 percent of the total purchase cost, followed by auto parts producer Hyundai Mobis with 25 percent and Kia with 20 percent.

The business group, the world’s fifth-largest automotive conglomerate, said it paid 10 percent of the total cost as an initial down payment with the remainder to be transferred in three separate installments on Jan. 25, May 25 and Sept. 25. After the last payment, the land will be owned by the business group. (Yonhap)