Cojuangcos sell mall to Gokongwei firm

REPORT FROM BUSINESSWORLD Gokongwei-led Robinsons Land Corp. has acquired the Cojuangco family’s Plaza Luisita Center in Tarlac City, Robinsons Land President and Chief Operating Officer Frederick D. Go told BusinessWorld. The deal was signed by former president Corazon C. Aquino, Luisita Realty Corp. President and Chief Operating Officer Josephine C. Reyes, Luisita Realty Chairman Don Pedro Cojuangco, Mr. Go, and Robinsons Land Vice-Chairman and Deputy Chief Executive Lance Y. Gokongwei. "It will be a redeveloped mall and become part of our chain of malls," Mr. Go said. He declined to disclose the purchase price and how much the company will spend to redevelop the Plaza Luisita mall. BusinessWorld tried to reach the Cojuangcos for comment but they were not available as of press time. The Plaza Luisita Center is a two-storey business and shopping complex. The first shopping complex in central Luzon, it has a multi- cinema complex, boutiques, fast food outlets, grocery stores, an appliance store, and other shops. Robinsons Land said last month it would jointly develop with Federal Land, Inc., the property arm of the George S.K. Ty-led Metrobank group, a two-hectare prime property on EDSA corner Pioneer Street in Manda-luyong into a residential condominium complex. The Links, which will be composed of five towers, is expected to churn P15 billion in sales. Federal Land President Alfred V. Ty said the Tys’s property is right next to Robinsons Land’s Cybergate building. "It is very natural to work as partners rather than develop it separately. We are both excited about this new venture," he said. The commercial centers division of Robinsons Land accounted for 41% or P2.46 billion of the company’s gross revenues for the three quarters starting October 2006 to June 2007. The increase in revenues was principally due to rental escalations and strong rental income from almost all Robinsons malls, particularly Robinsons Place Cainta, Robinsons Place Pioneer, Robinsons Metro Bacolod, Robinsons Place Lipa and the Galleria Mall in Ortigas Center. Robinsons Land reported a nearly 50% increase in net income during the three quarters, at P1.82 billion from P1.23 billion. Gross revenues for the nine-month period rose 23.4% to P5.96 billion from P4.83 billion. The Robinsons Land group is 60.01% owned by JG Summit Holdings, Inc., one of the country’s largest conglomerates with interests in branded consumer foods, agro-industrial and commodity food products, telecommunications, petrochemicals, air transportation and financial services. On Monday, Robinsons Land shares closed 2.78% weaker at P17.50. — Ruby Anne M. Rubio/BusinessWorld