PHILIPPINE REAL ESTATE and RELATED NEWS in and around the country . . .
.
.

Ayala Land makes P1.26-B bid for controlling stake in TriNoma owner

Posted on December 03, 2014 11:04:00 PM

PROPERTY giant Ayala Land, Inc. has made a bid for an additional 15.79% stake in the owner of TriNoma, formerly the North Triangle Commercial Center, regulatory filings showed yesterday.

 http://adserver.bworldonline.com/webpics/articles/image/20141203d5024.jpg
VIEW of the TriNoma Mall from the Sky Garden of SM North EDSA in Quezon City

 The deal valued at P1.26 billion will give Ayala Land a controlling stake in North Triangle Depot Commercial Corp., which owns and operates the TriNoma commercial centre in North Triangle, Quezon City.

Ayala Land currently owns 49.29% of the TriNoma operator.

It is buying the shares held by Anglo Philippine Holdings Corp. (APHC), Ayala Land, the country’s biggest property developer by market value, said in a disclosure to the Philippine Stock Exchange (PSE).

In a separate disclosure, APHC said its board of directors approved the transaction on Tuesday, subject to the offer’s terms and conditions, while adding that other shareholders of North Triangle are given the right of first refusal.

The North Triangle Depot Commercial Corp. was incorporated in 2001 to build TriNoma at the main depot of the Metro Rail Transit-3 (MRT-3). TriNoma, a 188,000-sqm mall, broke ground in June 2005 and began operations in May 2007.

The mall is contiguous to a 29-hectare property in Quezon City that is now called the North Triangle Property, which Ayala Land and the National Housing Authority is jointly developing into a central business district. The joint venture agreement was signed in August 2009.

LEASING
“This acquisition is aligned with ALI’s thrust of expanding its leasing business,” Ayala Land said.

For the first nine months of the year, Ayala Land’s revenues from commercial leasing rose 17% year on year to P15.38 billion, its third-quarter financial statement showed.

Revenues from shopping centers grew by 9% to P8.26 billion, alongside a “steady increase” in monthly average lease rates to P1,134 per square meter (sq.m.) from P1,108 per sq.m. in the same period last year, “with the opening of new malls and steady rental escalations.”

Total gross leasable area (GLA) also climbed by an annual 9%, occupied GLA increased by 6%, while same mall rental growth increased inched up by 9%.

This year, the company said it will spend for the development of leasing assets including the Vertis Mall, BPO and Hotel; Circuit Mall, Retail Strip and Hotel; and Southpark Mall and BPO.

Shares in Ayala Land gained five centavos or 0.14% to close at P34.95 apiece, while those of APHC also rose by nine centavos or 5.36% to P1.77 each.

Anglo Philippine shares, meanwhile, rose 5.36% to P1.77 each. Apart from its stake in North Triangle Depot Commercial Corp., this listed investment holding firm also has investments in United Paragon Mining Corporation; Atlas Consolidated Mining & Development Corporation; The Philodrill Corporation; MRT Development Corp.; MRT Holdings, Inc.; Brightnote Asset Corporation; and Filipinas Energy Corporation. -- Daphne J. Magturo           
___________________________________________________________________________

real estate central philippines
Copyright ©2008-2016