THE Udenna Group is expanding its real-estate portfolio with the strategic acquisition of a 177-hectare prime property development within the Clark Freeport Zone.
Clark Global City Corp. (CGCC), a wholly-owned subsidiary of Udenna Development Corp. (Udevco), has successfully acquired the entire outstanding capital stock of Global Gateway Development Corp. Holdings, according to Udenna Group.
The property will be rebranded as “Clark Global City,” where locators will enjoy, among others, the benefits of the tax privileges of the free-port zone, proximity of the Clark International Airport, anchor projects such as Medical City and 52,000 square meters of premium office spaces that are ready for occupancy, it added.
On October 19 the Philippine Competition Commission (PCC) approved the acquisition by Udevco. CGCC completed the acquisition on November 14 with Bank of China, BDO and PNB as its financial partners.
PCC is the government institution mandated to review mergers and acquisitions worth at least P1 billion to protect the rights of consumers.
Udenna envisions the master-planned development as a modern and sustainable business and transportation hub leveraging on its proximity to the Clark International Airport and to the Subic Freeport Zone. It is foreseen to be the center of business in Central Luzon and nearby areas. With a regional gross domestic product of 9.5 percent, the area posted the third-fastest growth in 2016, according to the Udenna Group. Clark Global City will complement the government’s ongoing efforts to decongest Metro Manila.
According to Adel Tamano, vice-president for corporate communications of Udenna, “We see the development as another venue for synergistic growth of our diverse business interests, from oil and gas [Phoenix Petroleum], to shipping and logistics [Chelsea Shipping and 2Go], to retail [FamilyMart], offering end-to-end solutions to our clients. Not to mention education [Enderun] and soon, hospitality [The Emerald Resort Hotel and Casino].” “Through this strategic acquisition, aligned with our business plans, we aim to support the country’s business-process outsourcing, logistics, manufacturing, tourism and housing sectors,” Tamano added.