Smart Tower sale to property firm OK’d | Inquirer Business

Smart Tower sale to property firm OK’d

/ 04:03 AM September 07, 2020

The Philippine Competition Commission (PCC) has approved the proposed acquisition by the Consunji group’s DMC Urban Property Developers Inc. (DMCI-UPDI) of PLDT Inc.’s Smart Tower in Makati.

The deal covers the Smart Tower, a 36-story office building along Ayala Ave., and the land it was built on.

ADVERTISEMENT

The value of the transaction was not disclosed.

However, PLDT chair and CEO Manuel Pangilinan said in January that the company was hoping to raise at least P5 billion from the sale. He didn’t identify the bidders back then.

FEATURED STORIES

The PCC said it was unlikely that the deal would hurt competition in the office leasing market in Makati and Bonifacio Global City (BGC).

“This is premised on the finding that there remain sufficient competitive constraints posed by larger competitors in the said market, and a high concentration of office spaces for lease in both cities, pre- and post-transaction,” the country’s antitrust body said.

“Also, the acquisition of the building is secondary to PLDT’s main business which is in telecommunications, and there will be no change in the structure of ownership or control in either party,” it added.

DMC-UPDI is engaged in leasing and property development. It leases office spaces in Makati and BGC, land in Davao and Antique, and land and improvement in Makati, Taguig and Manila. INQ

Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Business, Philippine Competition Commission (PCC), Smart Tower
For feedback, complaints, or inquiries, contact us.

Curated business news

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.



© Copyright 1997-2022 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.