PROPERTY developer Ayala Land Inc. on Monday said its executive committee has approved the buyout of the 20-percent equity interest owned by Japan’s Mitsubishi Corp. in Laguna Technopark Inc. (LTI).
In its disclosure, the company said it is acquiring 8,051 common shares in Laguna Technopark owned by Mitsubishi, with a total value of P800 million.
In return, Ayala Land will exchange its 20- percent equity
interest in Laguna Technopark for additional shares of stock in Prime Orion
Philippines Inc., equivalent to 323.88 million common shares, subject to
conditions to be fulfilled by Popi.
“This transaction will strengthen Popi’s vision to be the leading real-estate
logistics and industrial estate developer and operator in the Philippines,” the
company said in its disclosure.
Prime Orion, controlled and owned by Ayala Land, earlier said it is diversifying its real-estate portfolio that now includes industrial park and property logistics.
Early last year, the company acquired a majority stake in Laguna Technopark, a prime developer of real-estate logistics and industrial parks in the Philippines. It manages the 460-hectare Laguna Technopark in Santa Rosa and Biñan and the 135-hectare Cavite Technopark in Naic.
Laguna Technopark earlier said it is spending P1 billion for the construction of logistics buildings and warehouse facilities.
The company has launched its latest Standard Factory Building (SFB) in Barangay Loma, Biñan City, Laguna.
This new SFB aims to accommodate small and medium businesses from both the global and local markets, as well as clients with growing warehousing and storage needs.
With about 40 units measuring 1,200 square meters to 1,500 sq m each, the total leasable area will reach over 60,000 sq m when it is completed in October 2020.
Located within the Laguna Technopark, the development will be the biggest investment of LTI. It will also be the first facility dedicated to servicing non-Philippine Economic Zone Authority locators. The SFB will be available for lease in May 2019.