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Deal sealed for Taguig buildings

Posted on December 02, 2013 10:04:10 PM [ Businessworld Online ]

SY-LED SM Investments Corp. (SMIC) has sealed a deal to acquire the stake of CPI Asia Ten B.V. in 10 firms that own office buildings in Taguig City, the conglomerate said in a disclosure yesterday.

“We wish to inform the Philippine Stock Exchange that SM Investments Corp. has today completed the acquisition of the entire equity interest of CPI Asia Ten B.V. in the corporations listed below,” the conglomerate said, identifying them as: Crescent Park 14-678 Property Holdings, Inc.; 14-678 Property Holdings, Inc.; Crescent Park 6-24 Property Holdings, Inc.; 6-24 Property Holdings, Inc.; Crescent Park 18-2 Property Holdings, Inc.; 18-2 Property Holdings, Inc.; Crescent Park 6-3 Property Holdings, Inc.; 6-3 Property Holdings, Inc.; Crescent Park 19-1 Property Holdings, Inc.; and 19-1 Property Holdings, Inc.

In a text message yesterday, Corazon P. Guidote, SMIC senior vice-president for investor relations, said: “the final amount will be determined based on the terms of the agreement after certain financial procedures are completed.”

Ms. Guidote said the deal involves acquisition of 90% total interest in the five buildings in Taguig City that are operated by The Net Group. The Net Group, owned by the Rufino family, is an office developer and operator in Bonifacio Global City.

The five buildings have a combined gross floor area (GFA) of 200,000 square meters (sq.m.), which will add to SM Group’s leasing business, which has a 300,000-sq.m. GFA.

Ms. Guidote said the investment in the buildings will not be folded into SM Prime Holdings, Inc., saying the acquisition was just “a financial investment by SMIC.”

SM Group is consolidating its property businesses under mall builder and operator SM Prime.

SMIC, the holding firm of the Sy family, has interests in retail, real estate development, mall operations, and banking.

The conglomerate’s net income jumped 14.45% to P26.30 billion in the nine months ending September from P22.98 billion the past year. Revenue increased 15.39% to P183.09 billion from P158.67 billion, while cost and expenses climbed 14.86% to P146.51 billion from P127.56 billion.

SMIC shares lost P12 or 1.59% to close P743 apiece yesterday from P755 each on Friday last week. -- Cliff Harvey C. Venzon       

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