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ICTSI wins bid for P3.7B North Harbor lot
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The foreclosed 32,000-square-meter industrial lot and building in the Manila Harbour Centre industrial zone in Tondo, Manila had a minimum bid price of P3.2 billion, or P100,000 per sqm
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ICTSI bested other bidders in the competitive public sealed bidding held by the Philippine National Bank on April 19
International Container Terminal Services Inc. (ICTSI) has won the bid for a P3.68-billion Philippine National Bank (PNB) foreclosed property located in Manila Harbour Centre.
The property is a 32,000-square meter industrial lot and building within the Manila Harbour Centre industrial zone in Tondo, Manila, with a minimum bid price of P3.2 billion or P100,000 per square meter.
In a statement, PNB said ICTSI won the competitive bidding for the property, which was classified under the bank’s Real and Other Properties Acquired (ROPA), or more commonly known as acquired properties. The public sealed bidding was held on April 19.
“We were able to successfully complete the sale of this ROPA through a public sealed bidding process engaging the help of PricewaterhouseCoopers. The winning bid is P3.68 billion in cash,” PNB president and chief executive officer Jose Arnulfo Veloso said.
“This transaction will monetize another low-revenue-generating foreclosed property, giving the bank additional financial resources that it can use to pursue its strategy and capture opportunities brought about by the recovering economy,” Veloso said.
This is a strategic investment for ICTSI which already owns 100% of Manila Harbour Center Port Services Inc (MHCPSI), operator of a 10-hectare international breakbulk and bulk private port facility north of Manila Harbor Centre, Port of Manila. ICTSI in June 2021 acquired all shares of MHCPSI for P2.447 billion.
ICTSI operates the Manila International Container Terminal, its flagship, and has a 50% shareholding in Manila North Harbour Port Inc., a domestic terminal in Manila North Harbor, after acquiring shares in 2017 and 2018.
