The Philippine Stock Exchange agreed to sell back its Tektite office in Ortigas to developer Philippine Realty and Holdings Corp. for P257.2 million.
PSE said in a disclosure to the stock exchange it executed an agreement with PhilRealty for the sale of the latter’s 4,754-square-meter office space at the PSE Exchange Center. The property consists of four office units and 21 parking lots. The purchase price will be paid in two tranches.
PSE has been trying to sell the property since 2011 after its headquarters were consolidated at Tower One of Ayala Stock Exchange in 2010.
The planned sale, however, hit a snag because of two failed biddings. Since then, PSE has been in talks with PhilRealty which donated the property to the local bourse and which has the right to match the best offer for the property.
Proceeds from the sale of the Tektite office will be used to partially finance the construction of PSE’s new headquarters in Bonifacio Global City in Taguig City.
PSE earlier said it planned to transfer to its new headquarters in BGC before the end of 2017.
The P800 million 26-story PSE building will offer 6,400 square meters of office space.
PhilRealty, which came out of corporate rehabilitation after being saddled with losses following the real estate crash in 1997, started developing new projects such as Andrea North, an upscale residential enclave in Quezon City.
The company announced plans in 2015 to diversify into new businesses, including education, healthcare, financial services and power projects to provide the company with additional revenue stream.
It is acquiring a majority stake in an upstart company involved in converting plastic wastes into fuel.
Aside from the Tektite Towers, other notable projects of PhilRealty are the Alexandra, a luxury mid-rise residential condominium in Ortigas; and La Isla, an exclusive high-end condominium with 28 units on a 20-story building.