House of Investments (HI) is acquiring from affiliate Rizal Commercial Banking Corp. a Bonifacio Global City building as it consolidates its real estate assets.
The Yuchengco-led investment holding and management company said its Board of Directors has approved the acquisition of AT Yuchengco Center, valued at P6.06 billion.
A.T. Yuchengco Center is a 34-storey tower, one of a limited number of structures accredited by the Philippine Economic Zone Authority (PEZA). It gives special access to tax incentives and government assistance. The building is especially designed for business process outsourcing (BPO) offices following the quality standards of BPO-grade specifications. The skyscraper houses 25 office floors comprised of 10 BPO-grade floors, 14 regular office floors, and one data center, with nine basement and podium parking floors.
“This is part of our strategy to realign the businesses of Yuchengco Group of Companies (YGC), and strengthen the conglomerate’s position with a more holistic approach in the property development and management sector,” said Lorenzo Tan, HI president.
Tan said for the purchase, an investment vehicle will be incorporated to hold the asset as a wholly-owned subsidiary.
“This is part of House of Investments’ plans to grow the property business segment in line with the conglomerate’s mission to build and grow a portfolio of strategically diversified and sustainable investments,” he said.
Together with a foreign partner, the company is also currently developing a 83,710-square meter commercial property in Makati City.
