LISTED property developer Philippine Realty Holdings Corp. (PhilRealty) said on Wednesday its Board of Directors has approved the acquisition of several properties, including condominium units and prime real estate in Baguio city, worth a combined P384 million.
In a filing with the Philippine Stock Exchange, PhilRealty said it has acquired Meridian Assurance Corp.’s properties in exchange for shares of stocks for a total value of P84.2 million.
“The acquisition of Meridian’s condominium units … will provide the company with steady rental income stream of at least P3 million per annum,” the company said.
PhilRealty will exchange a total of 135.87 million shares at a price of P0.62 per share, to be taken from the unissued portion of its authorized capital, with the price computed at the estimated average of the company’s stock price for the 90-day period from January 25 to April 21, 2017.
The company said its board has also approved its bid to acquire a property in Baguio City called “El Retiro.”
“Bid submitted was for a price of P300,500,000.00 at P18,598.00 per square meter (sqm),” it said.
“The land consists of six contiguous lots containing an aggregate area of 16,158 sqm … and is located within the vicinity of Baguio City landmarks such as the Mansion House, Wright Park and Mines View Park,” the company said.
PhilRealty is engaged in property development, property management, insurance brokerage, travel services, and sale and leasing of managed buildings and real estate through its various subsidiaries.
Among its units are PRHC Property Managers, Inc., Tektite Insurance Brokers, Inc., Universal Travel Corporation, and Sultan Power Inc.