AyalaLand acquires Unity Realty for P2.39B

AyalaLand Logistics Holdings Corp. (ALLHC) has acquired Unity Realty & Development Corp. as a fully-owned subsidiary after buying 100% of Unity Reality for P2.39 billion.

In a regulatory filing submitted by AyalaLand chief finance officer Francis Montojo on Monday, the company said the transaction was approved by the board of directors on June 28, 2019.

Under a deed of absolute sale, AyalaLand Logistics acquired 612,445 shares of Unity Realty, payable in three installments.

“ALLHC purchased 100% shares in Unity Realty & Development Corp., which owns a property in Mabalacat City, Pampanga, a prime location for the development of a new industrial park by ALLHC,” the disclosure read.

“Effectively, URDC will become a wholly-owned subsidiary of ALLHC,” it added.

Unity Realty was incorporated and registered with the Securities and Exchange Commission (SEC) in April 1997, with the primary purpose of acquiring land and interest in land, and improve, develop, and manage real estate.

AyalaLand Logistics, formerly Prime Orion Philippines Inc., was incorporated as an investment holding company in 1989. It has interests in real estate and property development, warehouse leasing, and retail electricity supply.

“This transaction further strengthens the vision of ALLHC to be the leading real estate logistics and industrial estate developer in the Philippines,” ALLHC said.

Among its subsidiaries are Orion Land Inc., Orion Property Development Inc., LCI Commercial Ventures Inc., Laguna Technopark Inc. and Ecozone Power Management Inc.

Orion Land wholly-owns Tutuban Properties Inc., which holds the lease and development rights over Tutuban Center in Manila’s Divisoria commercial and industrial center. —Jon Viktor CAbuenas/VDS, GMA News