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IRC signs deal to sell part of Rizal property

By Jenniffer B. Austria | Posted September 11, 2013 |

Listed IRC Properties Inc. said Tuesday it is selling a portion of its property in Rizal for P87.27 million.

IRC Properties said in a disclosure to the stock exchange it signed an agreement to sell a 183,729-square meter lot in Binangonan, Rizal to Hundred Lake Development Corp.

Hundred Lake is 60-40 joint venture between Filipino and Chinese companies.

Hundred Lake under the terms of agreement will pay an initial  P50 million upon the execution of the contract. It will pay the balance once IRC Properties transfers the title of the land to the buyer.

Share price of IRC Properties on Tuesday closed 0.6 percent lower to P1.58.

IRC Properties last month said it was in the final stages of selling part of its landholdings to an unidentified “publicly-listed premier real estate developer.”

IRC Properties expects the deal to be finalized by the third quarter of the year.

It said other local property companies and foreign groups were also interested in investing in other real estate assets owned by the company. The properties can be developed into mixed-use, township or retirement communities.

IRC Properties is increasing its authorized capital stock to P3 billion from P1 billion in preparation for a possible fund-raising activity.

The fund-raising options being considered by the company include share sale through a pre-emptive rights offering, private placements and other arrangements to be approved by the board of directors.

IRC Properties plans to use the proceeds from the issuance of additional shares to finance the construction and development of real estate properties, including residential and commercials projects.

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