THE Philippine Stock Exchange, Inc. (PSE) has sold its Ortigas offices to Philippine Realty and Holdings, Corp. (PhilRealty) for P257.18 million, as the bourse prepares its transfer to Bonifacio Global City (BGC) in 2018.
In a disclosure on Wednesday, the PSE said it signed a deed of absolute sale with PhilRealty to sell its office units and parking slots at the Tektite Building in Ortigas Center, Pasig City.
The companies also signed a lease agreement that would allow the PSE to occupy the same office units.
PhilRealty was the developer of the Tektite building, composed of two towers being rented by brokers and dealers.
To recall, the PSE in 2015 bought office spaces worth P805.369 million in BGC from Fort Bonifacio Development Corp., the main developer of the 240-hectare business district in Taguig City.
The move is in line with the bourse’s intention to unify the trading floors currently in Ortigas and in Ayala Tower One in Makati City. The new headquarters consists of around 6,000 square meters of triple-A grade building that will also be made available to broker-dealers and trading participants.
“To be sure we’re targeting first quarter of 2018… Everyone will move. As to what we will do, to sell it or to operate it we don’t know yet. We’re talking to some property management companies to study what’s the best use for the property, if it’s to sell or to operate,” PSE President and Chief Executive Officer Ramon S. Monzon told reporters earlier this month.
PSE officials earlier said they will either sell the office spaces in Makati or to rent them out instead. The PSE recorded a net income attributable to the parent of P220.55 million for the first half, 26% lower than the P299 million it generated in the same period in 2016.
Shares in PSE climbed P2 or 0.84% to P239 apiece on Wednesday. — Arra B. Francia