PSE sells Ortigas headquarters
The operator of the Philippine Stock Exchange finally agreed to sell its old office in the heart of the Ortigas financial district—about seven years since moving out.
In a disclosure on Thursday, Philippine Stock Exchange Inc. said it had executed a memorandum of agreement with Philippine Realty and Holdings Corp. to sell its office units and parking slots in the PSE Center for P257.18 million.
The final sale price comes at a slight premium to the floor value of P214 million in 2011, when the assets were first placed on the auction block.
The deal covered four office units spanning 4,754.72 square meters and 21 parking slots in the Ortigas building, also known as Tektite Towers, which one broker had described as a “no-frills building in a central location.”
The PSE said the purchase price would be paid in two tranches.
The PSE moved out of its Ortigas location in 2010 as part of cost-cutting measures, consolidating operations in the Ayala Tower One in Makati City.
The company plans to relocate its headquarters to the Bonifacio Global City in the latter part of 2017.
