By James A. Loyola
Property giant Ayala Land, Inc. (ALI) is acquiring the 20 percent equity interest of Mitsubishi Corporation in Laguna Technopark, Inc. (LTI), equivalent to 8,051 common shares, for P800 million.
In a disclosure to the Philippine Stock Exchange, ALI said its Executive Committee has approved the purchase and will be transferring this to another subsidiary.
“ALI will exchange the 20 percent equity interest in LTI for additional shares of stock in Prime Orion Philippines, Inc. (POPI), equivalent to 323,886,640 common shares, subject to conditions to be fulfilled by POPI,” the firm said.
It added that, “this transaction will strengthen POPI’s vision to be the leading real estate logistics and industrial estate developer and operator in the Philippines.”
LTI, a partnership between POPI and Mitsubishi, is spending P1 billion for the construction of logistics buildings and warehousefacilities.
POPI said LTI has launched its latest Standard Factory Building (SFB) in Brgy. Loma, Biñan City, Laguna.
This new SFB aims to accommodate small and medium businesses from both the global and local market, as well as clients with growing warehousing and storage needs.
With about 40 units measuring 1,200 to 1,500 square meters each, the total leasable area will reach over 60,000 square meters when it is completed in October 2020.
Located within the 11-hectare Laguna Technopark, the development will be the biggest investment of LTI. It will also be the first facility dedicated to servicing non-PEZA locators. The SFB will be available for lease in May 2019.
POPI more than doubled its net income to P190 million in the first nine months of 2018 from the P85 million earned in the same period last year, following the consolidation of LTI, ALI's industrial park and real estate logistics business.
POPI posted revenues of P1.9 billion on account of lot sales in Cavite Technopark in Naic, Cavite, which generated revenues of P282 million.