By Jenniffer
B. Austria | Posted on Apr. 17, 2013 at 12:00am |
[
manilastandardtoday.com ]
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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