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Manila Bulletin devider Business devider The Stock Market devider LFM sheds real estate, prioritizes flour milling, food business

LFM sheds real estate, prioritizes flour milling, food business

Published Dec 3, 2024 05:38 am

Liberty Flour Mills Inc. (LFM) has completed the sale of the Liberty Building to its listed real estate subsidiary, LFM Properties Corporation (LPC), allowing it to focus on its core flour and other food businesses.

In disclosures to the Philippine Stock Exchange, LFM and LPC announced the signing of the Deed of Absolute Sale on December 2, 2024, following full payment by LPC.

The transaction includes the sale of the 1,009 sq.m. parcel of land located at 832 A. Antonio Arnaiz Ave., Makati City, covered by TCT No. 374464, and the Liberty Building.

"The sale of Liberty Building allows us to restructure our real estate portfolio and prioritize our primary purpose: flour milling and related food businesses," LFM stated.

The eight-story Liberty Building, situated on A. Arnaiz Avenue, houses multiple commercial tenants and includes eight office floors and a basement parking area.

LPC expects the acquisition to be beneficial, anticipating an increase in the building's value over time. The property will continue to be used for commercial purposes, generating rental income and providing LPC with a recurring revenue stream.

On March 27, 2023, LPC's Board of Directors approved the purchase of Liberty Building from LFM, subject to a fairness opinion from an independent third-party financial advisor.

On May 3, 2023, the independent advisor determined the fair price for the building to be approximately 27 percent of LFM's total assets.

Following review and negotiations, the fairness opinion was approved on May 31, 2023, and a contract to sell was executed with a tentative signing date of June 2, 2023.

The purchase was made on an installment basis, with a 22 percent deposit due by April 20, 2023, and the balance payable in installments until Nov. 30, 2024.
 

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Liberty Flour Mills Inc. LFM Properties Corporation
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