LFM Properties, a real estate investment holding firm owned by businessman William Carlos Uy, is set to acquire a building in Makati City from its parent company Liberty Flour Mills before the end of April, according to a regulatory filing.
The purchase of the Liberty building, located on Arnaiz Avenue, has been approved by LFM Properties’ board of directors at a price equivalent to 28 percent of the asset value of Liberty Flour Mills.
The transaction will be subjected to a fairness opinion by an independent third-party adviser within the next weeks.
If a favorable opinion is secured, the deed of absolute sale will be executed on or before April 30.
In addition, LFM Properties’ board has approved a resolution to reclassify preferred shares to common shares and increase the company’s authorized capital to 700 million from 400 million
LFM Properties owns a 21-storey building in Salcedo Village, two fully leased-out residential condominium units, and a parking lot in Ortigas Center.