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Philippines OKs Sale Of PLDT Buildings

 |  September 6, 2020

The country’s antitrust agency has approved a real estate firm’s buyout of infrastructure assets owned by PLDT Inc. in Makati and Bonifacio Global City (BGC).

In a decision, the Philippine Competition Commission (PCC) authorized DMC Urban Property Developers Inc. (DMC-UPDI) to acquire PLDT buildings. The PCC said it found no reason to prohibit the acquisition, as it will not result in a substantial lessening of competition in the office leasing space market in Makati and BGC.

Under the transaction, DMC-UPDI is purchasing two parcels of land with an aggregate area of 2,400 square meters with improvements comprising of two buildings from PLDT.