ABS-CBN Corporation has signed a deal to sell 30,000 square meters of its Quezon City property to Ayala Land Inc. for ₱6.24 billion, pending regulatory approvals.
According to a disclosure to the stock exchange, the sale involves a portion of ABS-CBN’s 44,027.30-sq.m. estate, which includes production facilities and office buildings. The media giant will consolidate its operations within the remaining 1.4 hectares of the property.
The proceeds from the transaction will be used to partially pre-pay ABS-CBN’s outstanding bank loans. As of the first nine months of 2024, the company reported ₱16.315 billion in interest-bearing loans, down from ₱17.189 billion in the same period of 2023.
The down payment will be held in escrow until conditions such as Philippine Competition Commission (PCC) clearance and the execution of the deed of absolute sale are met.
In 2024, ABS-CBN’s consolidated revenues reached ₱12.118 billion, marking a 10% decline from ₱13.520 billion in 2023. Despite this, the company narrowed its net loss to ₱1.587 billion, a significant improvement from ₱3.331 billion the previous year.
The deal aligns with Ayala Land’s continued expansion in prime real estate locations, strengthening its presence in Quezon City.