MANILA, Philippines – ABS-CBN Corporation announced on Thursday that it has reached an agreement with Ayala Land Inc. (ALI) to sell a significant portion of its property in Quezon City.
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| ABS-CBN Compound, Sgt. Esguerra Street, Quezon City. Photo courtesy: Wikimedia Commons |
A Memorandum of Agreement (MOA) was signed between ABS-CBN and ALI on February 27, 2025, for the sale of 30,000 square meters of the 44,027.30 sqm property for P6.2 billion, according to a disclosure filed with the stock exchange.
The ABS-CBN headquarters, which includes production facilities, will retain the remaining land to consolidate its operations, such as offices and studios.
"ABS-CBN will consolidate its operations in the remaining 1.4 hectares of the Quezon City property," the company said.
The sale will be paid in installments, with the proceeds set to partially pay off ABS-CBN's outstanding bank loans.
"Proceeds from the property sale will be used for partial pre-payment of the company’s bank loans," ABS-CBN added.
The deal is still subject to certain conditions, including clearance from the Philippine Competition Commission, if necessary.
— The Summit Express
