MANILA, Philippines — Horse racing and property development group Manila Jockey Club Inc. (MJC) has expanded its leasable portfolio by buying out Ayala Land Inc.’s interest in their jointly-owned office property Vertex One Building in Sta. Cruz, Manila.
Under the deal, MJC will take over office units in business process outsourcing-oriented Vertex One with a total area of 13,517 square meters and 206 appurtenant parking units for P511.65 million.
In a disclosure to the Philippine Stock Exchange on Wednesday, MJC said this deal would result in MJC owning 100 percent of Vertex One, which is located at Felix Huertas Street in Sta. Cruz. This is part of MJC’s former racetrack, which has now been redeveloped into a mixed-use urban complex.
Previously, the development, management and operation of Vertex One was undertaken by MJC and Ayala Land Inc. through their unincorporated joint venture, otherwise known as the San Lazaro BPO Complex Joint Venture. /kga