PSE sells Or­ti­gas of­fices to PhilRealty

Business World - - CORPORATE NEWS - Arra B. Fran­cia

THE PHILIP­PINE Stock Ex­change, Inc. (PSE) has sold its Or­ti­gas of­fices to Philip­pine Re­alty and Hold­ings, Corp. (PhilRealty) for P257.18 mil­lion, as the bourse pre­pares its trans­fer to Boni­fa­cio Global City (BGC) in 2018.

In a dis­clo­sure on Wed­nes­day, the PSE said it signed a deed of ab­so­lute sale with PhilRealty to sell its of­fice units and park­ing slots at the Tek­tite Build­ing in Or­ti­gas Cen­ter, Pasig City.

The com­pa­nies also signed a lease agree­ment that would al­low the PSE to oc­cupy the same of­fice units.

PhilRealty was the de­vel­oper of the Tek­tite build­ing, com­posed of two tow­ers be­ing rented by bro­kers and deal­ers.

To re­call, the PSE in 2015 bought of­fice spa­ces worth P805.369 mil­lion in BGC from Fort Boni­fa­cio De­vel­op­ment Corp., the main de­vel­oper of the 240-hectare busi­ness dis­trict in Taguig City.

The move is in line with the bourse’s in­ten­tion to unify the trad­ing floors cur­rently in Or­ti­gas and in Ayala Tower One in Makati City. The new head­quar­ters con­sists of around 6,000 square me­ters of triple-A grade build­ing that will also be made avail­able to bro­ker- deal­ers and trad­ing par­tic­i­pants.

“To be sure we’re tar­get­ing first quar­ter of 2018... Ev­ery­one will move. As to what we will do, to sell it or to op­er­ate it we don’t know yet. We’re talk­ing to some prop­erty man­age­ment com­pa­nies to study what’s the best use for the prop­erty, if it’s to sell or to op­er­ate,” PSE President and Chief Ex­ec­u­tive Of­fi­cer Ra­mon S. Mon­zon told re­porters ear­lier this month.

PSE of­fi­cials ear­lier said they will ei­ther sell the of­fice spa­ces in Makati or to rent them out in­stead. The PSE recorded a net in­come at­trib­ut­able to the par­ent of P220.55 mil­lion for the first half, 26% lower than the P299 mil­lion it gen­er­ated in the same pe­riod in 2016.

Shares in PSE climbed P2 or 0.84% to P239 apiece on Wed­nes­day. —

THE PHILIP­PINE Stock Ex­change is trans­fer­ring its of­fices to Boni­fa­cio Global City by 2018.

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