KEPWEALTH PROPERTY Phils., Inc. is investing P184.44 million for the acquisition of condominium units and parking spaces in a building in Pasig City.
In a disclosure to the stock exchange Friday, the company said it entered into deeds of absolute sale with Amberland Corp. for spaces in its One San Miguel Avenue building.
The agreement covers two contiguous floors and 18 parking spaces in the Philippine Economic Zone Authority (PEZA)-certified skyscraper located at the corner of Shaw Boulevard.
“The total consideration paid of P184,439,808 (VAT included) will form part of the use of proceeds from the initial public offering (IPO) of the company last Aug. 19,” Kepwealth said.
In its website, Amberland said the One San Miguel Avenue building stands on a 1,568-square meter corner lot and has 54 storeys and seven basements. It hosts companies from the business process outsourcing (BPO) sector.
Kepwealth is among the four companies that listed their shares on the stock exchange last year. It was able to raise P384.77 million in its IPO, which it said it will use to acquire new spaces for commercial and office leasing.
In earlier disclosures, the company said it was planning to buy 3,500 square meters of space in Quezon City, Pasig City, Makati City and Davao City to increase its portfolio of leasable space to 18,121 square meters.
It identified then an unnamed “prime property” in Quezon City and the Apo View Hotel in Davao City as among the properties it was looking at, and a target of closing the acquisitions within the first half of 2020.
Kepwealth reported an attributable net income of P20.1 million in the first nine months of 2019, down 26% from a year ago, amid a 19% rise in revenues to P73.62 million.
Kepwealth shares fell 19 centavos or 2.19% to P8.50 apiece on Friday. — Denise A. Valdez