July 23, 2019 | 12:09 am [ bworldonline.com]
AYALALAND Logistics Holdings Corp. (ALLHC) continues its expansion with the acquisition of a real estate firm based in Pampanga for P2.39 billion.
In a disclosure to the stock exchange on Monday, the listed company said it has acquired 100% of shares in Unity Realty & Development Corp. (URDC) last Friday.
The transaction value, which was agreed upon by both parties, will be paid in three installments. URDC will then become a wholly owned subsidiary of the Ayala-led firm.
ALLHC said URDC owns a property in Mabalacat, Pampanga, which is a suitable location for a new industrial park.
“The transaction further strengthens the vision of ALLHC to be the leading real estate logistics and industrial estate developer in the Philippines,” the company said.
The Philippine Stock Exchange, Inc. imposed a one-hour trading halt on ALLHC’s shares on Monday morning to allow investors to digest the material information.
URDC’s 2018 audited financial statement shows that it has 612,445 shares worth P30.62 million. The company reported a net loss of P313,153 in the 2018, higher than its P12,500 loss in the year before. It had no revenues to be recognized in both reporting periods.
Parent Ayala Land, Inc. has mandated ALLHC to be its main vehicle in the development of industrial estates in the country. The company’s portfolio includes a majority stake in Laguna Technopark, Inc., which manages the 460-hectare Laguna Technopark in Sta. Rosa and the 135-hectare Cavite Technopark in the municipality of Naic.
It is currently developing a logistics and warehousing facility in Laguna Technopark that will offer a leasable area of more than 60,000 square meters (sq.m.). The property will be divided into 40 units with cuts of 1,200-1,500 sq.m.
ALLHC is also developing an industrial park in Cagayan de Oro near the Laguindingan airport, where it looks to offer 42 parcels of land with cuts of 7,000 sq.m. It has another industrial park in the pipeline located in Central Luzon.
Aside from its foray into industrial parks, the company continues to expand and rehabilitate Tutuban Center in Manila, which now has a gross leasable area of about 53,000 sq.m. and new retail and wholesale concepts.
Previously known as Prime Orion Philippines, Inc until its name change in February, ALLHC booked a net income attributable to the parent of P113.57 million in the first quarter of 2019, 1,366% higher year on year. Gross revenues also surged 454% to P985.4 million.
Shares in ALLHC jumped 3.49% or 14 centavos to close at P4.15 apiece at the stock exchange on Monday. — Arra B. Francia
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