‘Ayala Land paying UP P171 per sqm’
Credit to Author: THE MANILA TIMES| Date: Mon, 20 Jan 2020 14:21:17 +0000
UP Ayala Land Technohub is paying the University of the Philippines more than what Palace recently claimed, Ayala Land Inc. (ALI) said on Monday.
The property firm claimed that UP is receiving P171 per square meter (sqm) monthly, in accordance to the leasing agreement it signed with UP.
“This was derived from P4.23 billion in lease payments and P6 billion investment in 16 commercial buildings for a total amount of P10.23 billion over the life of the 25-year contract,” it said in a statement.
“After 2033, UP as owner will receive 100 percent of the buildings’ rent,” it added.
Over the weekend, Palace spokesman Salvador Panelo said that Ayala Technohub could be subject to investigation for allegedly paying rent for less than P20 per sqm in the last 25 years.
“We believe this development has been fruitful and beneficial for UP, ALI and the community. We welcome a transparent review and assessment of our partnership with UP,” the Ayala-led firm said.
Ayala Land and UP signed the lease agreement in 2006.
TYRONE C. PIAD