Ayala Land Inc. is set to consolidate control of the Trinoma commercial center in Quezon City by buying out the 15.79-percent interest held by the Ramos family-led Anglo Philippine Holdings Corp. for P1.26 billion.
“This acquisition is aligned with ALI’s thrust of expanding its leasing business,” ALI chief finance officer Jaime Ysmael said in a disclosure to the Philippine Stock Exchange Wednesday.
Trinoma is owned and operated by North Triangle Depot Commercial Corp. (NTDCC), where ALI has a 49.29-percent interest. The acquisition will increase its stake to 65.08 percent, making the company a subsidiary whose earnings can be consolidated into ALI’s books.
Anglo-Phil, in a separate disclosure, said its board had received and accepted the formal offer from ALI to purchase its interest in NTDCC, which was incorporated in 2001.
The deal is subject to the terms and conditions of the offer as well as to the rights of first refusal of the stockholders of NTDCC under the shareholders’ agreement.
NTDCC’s Trinoma shopping mall has a net leasable area of 110,000 square meters. The mall, which is located at the main depot of Metro Railway Transit-3 in North Avenue, Quezon City, broke ground in June 2005 and began operations in May 2007. Trinoma sits on a 16-hectare property.
In 2012, ALI announced plans to invest P65 billion in “Vertis North,” a new large-scale, mixed-use urban hub comprising about 45 skyscrapers at the heart of what is envisioned to be the central business district of Quezon City. This will rise over the next 10 to 15 years on a 29-hectare property right beside Trinoma mall contributed by the state-owned National Housing Authority in exchange for a share in the development proceeds.