The Philippine Competition Commission said over the weekend it approved the acquisition by DMC Urban Property Developers Inc. of two Smart Towers and their 2,400-square-meter lot in Makati City from PLDT Inc.
DMC-UPDI is a real estate development company established by the Consunji family in 1977. It leases office spaces in Makati and BGC, land in Davao and Antique and land and improvement in Makati, Taguig and Manila.
DMC-UPDI also has subdivision housing and condominium projects in Davao and Bataan.
The anti-trust body said it approved the transaction after assessments showed it would not affect the competition in the office leasing space in the central business districts of Makati and Bonifacio Global City.
The transaction involves the acquisition of two parcels of land from PLDT aggregating 2,400 square meters by the property developer, along with improvements consisting of two buildings—Smart Tower I and II—along Ayala Ave.
PLDT is a telecommunications company providing fixed-line, wireless and other ICT services. PLDT also owns commercial properties primarily for its own use and use of subsidiaries. Other properties not for its own use are leased to third parties.
The Smart Towers houses PLDT’s fully-owned subsidiary Smart Communications Inc. and leases a portion of the property to retailers.
PLDT did not disclose the cost of the transaction, but earlier said the sale of the Makati properties could raise up to P5 billion. It said it would use the proceeds to help fund 2020 capital expenditures.