DMC Urban acquires PLDT’s Makati buildings

MANILA, Philippines — DMC-Urban Property Developers Inc., a private company owned by the Consunji family, has acquired PLDT’s two buildings at the corner of Ayala and Makati Avenues for about P5 billion.

The acquisition is meant to boost DMC-Urban’s recurring income from rental operations.

DMC-Urban acquired two parcels of land with an aggregate area of a 2,400 square meters and Smart Tower I and II.

The Smart Towers in Makati currently house PLDT subsidiary Smart Communications Inc. A portion of the property is leased out to retailers.

Industry sources said PLDT and Smart would continue to occupy the buildings and just pay rent to DMC-Urban.

PLDT Inc. is a telecommunications company providing fixed-line, wireless and other ICT services. It 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.

DMC-Urban is 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.

The Philippine Competition Commission has cleared the deal.

“Upon review of the findings and recommendation of the Mergers and Acquisitions Office and the parties’ submissions, the commission finds that the proposed acquisition by DMC-UPDI of assets in PLDT will not likely result in substantial lessening of competition due to the existence of sufficient competitive constraints exerted by other players in the market for lease of office spaces in Makati and Bonifacio Global City,” the PCC said.

Properties in the bustling Makati financial district, especially along Ayala Avenue and Makati Avenue, are among the most coveted in the market given its prime location, made more attractive by the presence of luxury hotels in the district such as The Peninsula Manila and Makati Shangri-La.