Liberty Flour Mills, owned by bilyonaryo William Carlos Uy, has approved the sale of its property in Makati City to a real estate investment holding subsidiary.
The transaction amounts to approximately 27 percent of the total assets held by LFM Properties, with the fair price determined by an independent third-party financial adviser.
The eight-story Liberty Building, located along A. Arnaiz Avenue, is home to various commercial tenants and features eight office floors along with a basement parking area.
With the acquisition of Liberty Building, LFM Properties Corp. (LPC) expands its portfolio and gains a rental-generating asset, ensuring a steady stream of recurring income.
As the value of the building is projected to appreciate over time, LPC can expect to have a valuable appreciating asset in its portfolio.
The payment for the purchase of the Liberty Building will be made in installments, with the full amount expected to be paid by November 30, 2024, as per the agreed terms.
To fund the purchase, LPC plans to utilize internally generated funds along with bank borrowings.
The strategic move to acquire the Liberty Building further strengthens LPC’s position in the real estate market and aligns with their growth strategy in the sector.