LFM Properties expands Makati portfolio with P1.1-B land deal – BusinessWorld Online
LISTED real estate developer LFM Properties Corp. has acquired a 918-square-meter lot in Salcedo Village, Makati City, as part of its portfolio expansion.
In a disclosure on Tuesday, the company said it had entered into an agreement to acquire the property from Parity Values, Inc.
The land is situated along Valero and San Agustin Streets, Barangay Bel-Air, Makati City, and the acquisition is covered by Transfer Certificate of Title No. S-87611.
The property was acquired for a total of P1.1 billion, including value-added tax. LFM Properties’ board of directors approved the purchase on Dec. 23, it said.
The purchase price was based on a valuation report from a third-party adviser jointly selected by the company and the seller.
Payment for the property will be made under a one-year term, with no conditions precedent to the transaction.
“The acquisition is expected to add to the company’s property portfolio,” LFM Properties said.
The company currently owns three buildings in Makati City — Liberty Plaza Building, Liberty Center, and Liberty Building.
LFM Properties is a subsidiary of listed Liberty Flour Mills, Inc., a pioneer in flour milling since 1958.
The company reported a 14% decline in third-quarter gross revenues to P168.4 million from P196.7 million a year ago, mainly due to vacant units in Liberty Plaza Building.
Shares of LFM Properties last closed on Dec. 18 at four centavos each. — Beatriz Marie D. Cruz