Racetrack operator Manila Jockey Club Inc. said it purchased the rights, title and interest of Ayala Land Inc. in Vertex One, an office building in Sta. Cruz Manila, for P511.65 million.
MJC said in a disclosure to the stock exchange it had taken control of Vertex One following the acquisition.
ALI’s interest in Vertex One consists of office units with an aggregate area of 13,517 square meters and 206 parking spaces.
MJC and ALI earlier took over the development, management and operation of Vertex One through their unincorporated joint venture, known as the San Lazaro BPO Complex Joint Venture.
With the latest deal, both parties terminated the joint venture partnership. ALI assigned to MJCI the tenant and service contracts of Vertex One.
Vertex One is a 15-storey stand-alone building with efficient, large floor plates of approximately 2,157 sq. m. gross leasable area. It primarily caters to the business process outsourcing companies.
It features 100 percent back-up power, redundant cable risers, a centralized chilled water system for cooling, multiple telecom providers, and high-speed, large-capacity elevators. Retail establishments are found on the ground floor.
MJC said the acquisition would increase the company’s revenues. It plans to continue leasing out the office spaces it acquired from ALI.
The company said it funded the acquisition through internal funds and bank loan.
MJC in 2007 teamed up with ALI to redevelop a portion of the former San Lazaro Hippodrome into a residential, commercial and business district in Manila.
MJCI moved its racing operations from Manila to a sprawling 77-hectare property in Carmona, Cavite.
The company in July teamed up with AKL Properties Inc., an affiliate of ALI, to develop its 60-hectare property in Carmona, Cavite into a business hub. This means MJC will have to relocate its horse-racing track to another location.
MJC said the relocation of the racing track would subject to the renewal of its horse racing congressional franchise set to expire on November 22, 2022.