Ayala Land to buy Mitsubishi’s 20% equity interest in Laguna Technopark

Ayala Land Inc. (ALI) is acquiring Mitsubishi Corp.’s 20 percent equity interest in Laguna Technopark Inc. equivalent to 8,051 common shares, the listed property developer said Monday.

The transaction was valued at P800 million.

In a regulatory filing submitted by ALI associate manager Michael Blaise Aquilizan, the company said its Executive Committee approved the deal.

ALI will then exchange the 20-percent stake in LTI for an additional 332,886,640 common shares in Prime Orion Philippines Inc. (POPI), which has interests in real estate and property development.

POPI is a holding company with valuable assets. Its wholly-owned subsidiary Tutuban Properties Inc. owns the highly-prized Tutuban Center in the heart of Manila’s business district.

“This transaction will strengthen POPI’s vision to be the leading real estate logistics and industrial estate developer and operator in the Philippines,” ALI said.

In 2016, ALI finalized its acquisition of a 51.36-percent interest in POPI—a transaction that was valued at P5.625 billion.

“The acquisition is aligned with ALI’s thrust of expanding its leasing business," ALI senior vice president Jaime Ysmael said the year before the deal with POPI was finalized. —Jon Viktor Cabuenas/VDS, GMA News