By James A. Loyola
Real estate giant Ayala Land Inc. is changing the name of subsidiary Prime Orion Philippines Inc. into Ayalaland Logistics Holdings Corporation to formalize its entry into the logistics center business.
In its disclosure to the Philippine Stock Exchange, ALI said it is renaming POPI “to align with the company’s vision to be the leading real estate logistics and industrial estate developer and operator in the Philippines.”
Ayala Land controls POPI after it bought a 51.06 percent stake in the company in February 2016. It now owns some 63.9 percent in the company which at that time owned the Tutuban Center in Divisoria.
The company earlier said it is diversifying its real estate portfolio that now includes industrial park and property logistics.
POPI recently acquired a majority stake in Laguna Technopark Inc., 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 135-hectare Cavite Technopark in the municipality of Naic.
To boost its logistics business, POPI said it is trying to maximize the value of its 14-hectare Lepanto property in Calamba, Laguna by shifting Lepanto Ceramics’ focus from tile manufacturing to real estate warehouse operations.
The company said it upgraded the common areas of its Lepanto Industrial Complex, initiated a phased rehabilitation program and converted formerly non-leasable areas into leasable spaces.
However, POPI said that, despite the the expansion and development, its Tutuban property in Divisoria, Manila remains the symbol of POPI’s transformation.
POPI completed the refurbishment of the Tutuban railway station building into a model for adaptive reuse of a built heritage site.