ABS-CBN Corp., an entertainment company, said Wednesday that it has signed the absolute deed of sale for a portion of its broadcast facility in Quezon City, selling it to Ayala Land Inc. for P6.24 billion.
The sale covers 30,000 square meters of the 44,027.30-square-meter property, which includes several buildings and production facilities. ABS-CBN will retain 14,027.30 square meters, where it plans to consolidate its remaining offices and studios.
The transaction was structured on an installment basis.
Proceeds from the sale will be paid to the Security Agent on behalf of ABS-CBN’s lenders and used to partially repay the company’s outstanding bank loans, in line with the terms of the Real Estate Mortgage agreement between ABS-CBN and its lenders.
The deal was signed after securing clearance from the Philippine Competition Commission and other regulators.
