ABS-CBN to sell portion of QC property for P6.24B to Ayala Land

MANILA, Philippines — ABS-CBN Corp. is selling 30,000-square-meter of its 44,00-sqm Quezon City property to Ayala Land Inc. for P6.24 billion to settle its debts.

The transaction, which was signed on Thursday, is still subject to regulatory approvals.

“Proceeds of the sale of the property will be used to partially prepay its outstanding bank loans,” the Lopez-led company said.

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The property houses ABS-CBN’s several buildings, including production facilities.

As a result of the sale, the offices and studies will be consolidated in the remaining 1.4 hectares of the property.

The transaction amount was “mutually agreed valuation by the parties following arms-length negotiations and proper due diligence review.”