By Richmond S. Mercurio (The Philippine Star) | Updated April 10, 2015 - 12:00am
MANILA, Philippines - Property powerhouse Ayala Land Inc. (ALI) has acquired a property company, which owns an office building in Cebu, to bolster its leasing business.
In a disclosure to the Philippine Stock Exchange, ALI said it purchased all of the 8.2 million commons shares of Aegis PeopleSupport Realty Corp. for P435 million.
ALI said Aegis PeopleSupport is a company registered with the Philippine Economic Zone Authority and the owner of the Aegis building at the Ayala-owned Cebu IT Park in Lahug, Cebu City.
“The acquisition is aligned with ALI’s thrust of expanding its office leasing business,” ALI chief executive officer Jimmy Ysmael said.
The Aegis building is a certified LEED-Gold office with a gross leasable area (GLA) of 18,092 square meters.
ALI said the building is currently predominantly occupied by business process outsourcing giant Teleperformance under a long term lease agreement.
ALI has allotted P100 billion for capital expenditures this year, which is being earmarked primarily for the completion of ongoing developments and launches of new residential and leasing projects, as well as acquisitions which will help sustain the company’s growth trajectory in the coming years.
In terms of office development, ALI intends to launch projects that will have a GLA of 300,000 square meters this year, while those scheduled for completion will have 106,000 square meters.