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ALI buys out partner of P3.5b

By Jenniffer B. Austria | Posted on Apr. 17, 2013 at 12:00am |
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Property developer Ayala Land Inc. bought out its joint venture partner in an office leasing business that caters to business process outsourcing companies.
Ayala Land said in a disclosure to the stock exchange it acquired Global Technologies International Ltd.’s 32-percent interest in ALI Property Partners Co. for P3.52 billion.
APPCo owns BPO buildings in Makati City, Quezon City and Laguna with total leasable area of 230,000 square meters.
“The acquisition is aligned with company’s thrust of expanding its office leasing business and boost recurring income,” Ayala Land chief finance officer Jaime Ysmael said.
Ayala Land investor relations head Pamela Ann Perez said in a text message the acquisition would make APPCo, a wholly-owned unit of the property firm. Prior to the transaction, Ayala Land owned 68 percent of APPCo.
Ayala Land completed 60,000 square meters of new BPO space in key locations in 2012, bringing to 509,000 square meters the total available leasable office space under its portfolio.
The company also started the development of 130,000 square meters of new office space including the new Philippine Stock Exchange building in Bonifacio Global City last year.
Ayala Land said to capitalize on the growth of office space, it was set to break ground this year in key locations nationwide, including the recently launched Ayala Center Cebu Corporate Center.

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