ABS-CBN Corp. has announced the sale of a 30,000-square-meter portion of its Quezon City property to Ayala Land Inc. for P6.2 billion.
The company will retain 1.4 hectares of the land, where it plans to consolidate its offices and studios.
Proceeds from the sale will be used to settle ABS-CBN’s existing bank loans partially.
The payment will be made in installments over 10 years, with an initial down payment placed in escrow until certain conditions are met.
The transaction is subject to regulatory approvals, including possible authorization from the Philippine Competition Commission.
Source: PhilNews24 | February 28, 2025
