BDO Unibank Inc. (BDO) announced that it has completed its buyout of the interests of Keppel Philippines Properties Inc. and Opon-KE Properties Inc. (the Keppel Group) in SM Keppel Land Inc. (SM Keppel).
In a disclosure to the Philippine Stock Exchange (PSE), the bank said this follows the announcement last March 27, 2023 of the Keppel Group's decision to divest its stake in SM Keppel.
BDO had also announced its agreement, as the Keppel Group's joint venture partner, to buy-out the Keppel Group's 50 percent direct equity ownership.
SM Keppel is a company engaged in developing, operating and managing the Podium Complex. By this acquisition, BDO said it will now fully own the Podium Complex, consisting of BDO's Corporate Center Ortigas, the West Tower and the Podium Mall.
The Sy family’s bank and the Keppel Group of Singapore developed the Podium from a shopping mall that opened in 2002 before redeveloping the project into retail and commercial hub that includes the 40-story The Podium West Tower office building.
The Podium Complex currently houses BDO’s offices in Ortigas and BDO already occupies approximately 63 percent of the office spaces in the Podium Complex, the bank said last March.
The Podium mall has a total leasable area of 50,000 square meters while The Podium West Tower has a net leasable area of 90,000 sqm.
The Podium development, comprising an expanded Podium mall and an office tower, is envisioned to serve the growing demand for prime office spaces of the Ortigas Center.
Developed in phases, phase one comprised the Podium retail mall which was opened in 2002 while the second phase of the retail mall commenced operations in 2017. Construction of The Podium West Tower started in 2015 and was completed in May 2019.
The total leasable area of the entire development is about 140,000 square meters, comprising about 50,000 square meters of retail space and about 90,000 square meters of office space.