Philippine Realty and Holdings Corp., a listed real estate company, has completed a tax-free exchange transaction with its wholly owned subsidiary, Three Corners Realty Corporation (TCRC), formally transferring a prime Bonifacio Global City (BGC) property in exchange for preferred shares.
The deal covers a 1,600-square-meter vacant lot—Lot 4, Block 8 at the corner of 6th Avenue and 25th Street—previously owned by PhilRealty. On Thursday, PhilRealty said that the \ Registry of Deeds for Taguig City issued the new land title under TCRC’s name, with the substituted basis annotated pursuant to Section 40(c)(5) of the National Internal Revenue Code, confirming the transfer’s tax-free status.
In return, TCRC issued 144 million voting redeemable preferred shares with a par value of P1.00 per share to PhilRealty.
The exchange marks the completion of a plan first disclosed on May 21, 2024, when PhilRealty’s board approved the incorporation of a new subsidiary that would acquire the BGC property through a tax-free property-for-shares swap. TCRC was subsequently formed for this purpose.
The move consolidates ownership of the BGC asset under TCRC, positioning the subsidiary for potential development, financing, or joint-venture opportunities while allowing RLT to maintain full economic interest through its preferred shareholdings.
PhilRealty said it will announce further material developments as they arise.
