Lopez family unloads ABS-CBN’s multi-billion peso lot in Quezon City
Road to recovery: Lopez family unloads ABS-CBN’s multi-billion peso lot in Quezon City to cut debt load
ABS-CBNABS-CBN Broadcasting of the Lopez family has raised fresh cash from the sale of a prime property near its broadcasting compound in Quezon City.
ABS-CBN said the land parcel – in the Scout area of Barangay South Triangle, Diliman, Quezon City – was sold in the third quarter of 2022.
The firm did not declare the sale price nor the buyer of the asset.
The land is a property investment of ABS-CBN which has appreciated in value to P1.6 billion as of 2020 from its purchase cost of P136 million. Land prices in the are currently range from P115,000 to P250,000 per square meter.
This is the second land asset ABS-CB has disposed since losing its franchise in May 2020.
ABS-CBN International sold its land with a two-storey townhouse in Redwood City, California in November 2020. ABS-CBN acquired the Redwood property for P67 million in 2008.
The company will use the sale proceeds to prepay its loans as part of its 2020 commitment to its lenders led by Bank of the Philippine Islands and Union Bank of the Philippines.
Its loans have dropped by nine percent to P18.446 billion – of which P4.611 billion is accounted for by Sky Cable – as of end-September 2022 from P20.255 billion as of end-2022.
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