New deal raises RDC Properties’ profits 180%

Monday, October 03, 2022 | 400 Views |

On the rise: RDC Properties’ Masa Centre is among assets enjoying recovery

Listed real estate chain, RDC Properties’ pretax profits for the half year to June 30 reached P76.4 million, nearly triple the level from the previous corresponding period, as the impact of a major acquisition made last December reflected on the group’s books.

RDC Properties closed the P980 million purchase of the Tower Property Fund on December 28 last year in a deal that added 46 properties located in South Africa and Croatia to the local group’s portfolio.

The deal ballooned the group’s investment and property portfolio by 153% to P5.8 billion but had a minimal effect on profits as it was concluded three days before the end of the 2021 financial year.

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