Metro Manila (CNN Philippines, October 14) — Ayala-led Globe Telecom has earned close to ₱20 billion from selling its tower assets, with another 701 towers disposed of on Friday.

Two months after sealing its agreement with MIESCOR Infrastructure Development

Corporation (MIDC), Globe said in a disclosure it completed the first tranche involving 701 towers for ₱8.4 billion.

MIDC, a joint venture between Meralco subsidiary MIESCOR and real asset investment firm Stonepeak, intends to get 2,180 towers in Luzon for ₱26 billion.

Late in September, Globe also transferred 800 towers to Frontier Tower Associates Philippines Inc. (Frontier Towers) for ₱10 billion, bringing the total number of towers sold to 1,501.

“We are pleased with the great progress of this initiative as we complete another close for our record-breaking tower sale and leaseback transactions. This brings us closer to our goal of getting much needed flexibility to ensure we are able to sustain our best-in-class services and operations and protect our position in the market,” said Globe Chief Finance Officer Rizza Maniego-Eala.

In August, Globe said its agreements with MIDC and Frontier Towers require it to lease back the towers for an initial period of 15 years.

READ: Globe to sell over 5,000 towers for ₱71B