Filinvest Land buys another 40 percent of Cyberzone Properties

The board of listed realty firm Filinvest Land, Inc. has approved a plan to fully own information technology (IT) company Cyberzone Properties, Inc., which is developing the Northgate Cyberzone IT park in Alabang, Muntinlupa. The Gotianun-led company will buy another 40 percent of Cyberzone Properties from Africa-Israel Investments (Phils.), Inc. for P780 million. It will also buy the Africa-Israel Group's 40 percent stake in Filinvest Africa-Israel Properties, Inc. (FAPI) for P383.2 million, Filinvest Land told the Philippine Stock Exchange on Monday. Cyberzone Properties is the developer of the Northgate Cyberzone IT park within the Filinvest Corporate City in Alabang, Muntinlupa. The 18.7-hectare IT zone, which is registered with the Philippine Economic Zone Authority, provides office buildings and spaces for lease to technology companies. The sale is subject to the parties' final agreement, among the conditions of which is the sellers’ delivery to Filinvest Land of certain documents. FLI presently owns 60% of Cyberzone Properties and FAPI. The sale by Africa-Israel of its stake in the two companies is part of the group’s global portfolio rebalancing and consolidation activity, Filinvest Land told the bourse. The Africa-Israel Group is an international holding and investment group that has extensive interests in real estate, construction and infrastructure, energy and other related industries. Filinvest Land said buying Africa-Israel’s stake would allow it to consolidate its share in the revenue streams from the two companies. — GMANews.TV