Property giant Ayala Land Inc. has entered into a deal to acquire P17.4 billion worth of property assets from parent firm Ayala Corp. (AC), further bulking up its land bank and portfolio of leasable assets.
In a disclosure to the stock exchange, ALI said its board of directors approved a property-for-share swap with Ayala Corp. and Mermac.
Under the transaction, AC and Mermac will transfer five assets to ALI in exchange for 311.58 million shares valued at P55.80 each. Of the total, AC will subscribe to 309.6 million primary common shares valued at P17.275 billion while Mermac will subscribe to 1.98 billion shares worth P110.6 million.
These assets include a 50 percent stake in Ayala Hotels Inc., owner of the 19,858 square meter Manila Peninsula property and ALI’s partner in Park Central Towers; 100 percent ownership in Darong Agricultural and Development Corp. which owns a 6.33 million square meter lot in Sta. Cruz, Davao Del Sur; office units and parking lots at Tower One 32nd to 35th floors in Makati; the site of Honda Pasig and a 117,389 sqm lot in Calauan.
The Manila Pen property is a prime development opportunity in the Makati central business district while the Honda property can be converted into residential development for ALI’s affordable housing unit Avida.
“We are delighted about this transaction. We view ALI as the natural owner of these properties and is in the best position to optimize their value. In addition, this deal is consistent with Ayala’s initiative to increase its ownership of ALI, similar to the block purchases of ALI shares we have done over the past year,” said Fernando Zobel de Ayala, president and CEO of AC and chairman of ALI.
For his part, ALI president Bernard Vincent Dy said the properties are in key locations and would further expand the company’s landbank and commercial assets.
“We are confident that the inclusion of these assets will further create value for our stakeholders.”, said Dy.
AC, ALI, and Mermac are targeting to complete the requirements within the year.
Once the deal is approved by regulatory bodies, AC’s ownership in ALI will increase to 47.2 percent from 46.07 percent.
SOURCE: Bilyonaryo
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