Concrete Aggregates sells 12-ha lot to Ortigas for P1.1B

Listed Concrete Aggregates Corp. on Monday disclosed that it sold a 12.47-hectare property in Quezon City for P1.13 billion to Ortigas & Co., Ltd. Partnership. In a statement to the Philippine Stock Exchange, CAC said a deed of sale has been executed between the parties. Concrete Aggregates said Ortigas & Co. will give a downpayment of P120 million for the property, with the balance to be paid in 40 equal quarterly installments at 6 percent interest on the principal balance. The land sold is located in Bagumbayan, Quezon City. Ortigas & Co. is the operator of the Greenhills shopping center, Tiendesitas and Frontera Verde. Earlies Ortigas & Co. said it is looking to develop four information technology buildings across the Tiendesitas complex that will cater to the business process outsourcing companies. - Cheryl Arcibal, GMANews.TV