SBS Philippines acquires properties in Quezon City

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SBS Philippines Corp. will continue to diversify through its associate companies by acquiring prime real estate assets in Balintawak and Green Meadows in Quezon City, the listed firm told the stock exchange on Monday, June 25.

The associate companies are Smyte Philippines Holdings Corp. and Namia Holdings Corp. Smyte recently signed a deed of absolute sale to acquire a two-hectare property adjacent to a three-hectare property already owned by another associate of SBS, the company said.

SBS said it is considering the acquisition in prime landholdings for a potential joint development of the combined five-hectare property in Balintawak area “which offers strong value and a good potential to deliver an attractive total return due to its attractive size and location.”

Meanwhile, Namia has acquired around a 3,000-square meter property in Green Meadows.

“This acquisition is considered for a potential joint mixed-use development or sale in order capitalize in the growing marketability of the area,” SBS said. — Victor V. Saulon