Commission Decision No. 16-M-013/2020:
Proposed Acquisition by DMC-Urban Property Developers, Inc. of Assets of PLDT, Inc.
The transaction involves the acquisition of DMC-Urban Property Developers, Inc. from PLDT, of two parcels of land with aggregate area of approximately 2,400 sqm together with improvements consisting of two buildings (Smart Tower I and II), located along Ayala Avenue, Makati City.
The acquiring entity is DMC-UPDI, a domestic, real estate company engaged in leasing and property development. It leases office spaces in Makati and BGC, land in Davao and Antique, and land and improvement in Makati, Taguig, and Manila. Its project portfolio also includes subdivision housing and condominium projects in Davao and Bataan.
PLDT, Inc. is a telecommunications company providing fixed-line, wireless and other ICT services. PLDT also owns commercial properties primarily for its own use and use of its subsidiaries. Other properties not for its own use are leased to third parties.
The Smart Towers in Makati currently houses PLDT’s fully-owned subsidiary Smart Communications, Inc. and leases a portion of the property to retailers.