PROPERTY giant Ayala Land Inc. has signed a deal to acquire a majority stake in Prime Orion Philippines Inc. (POPI), owner and developer of bazaar hub Tutuban Center in Divisoria, Manila, for P5.6 billion.
In a disclosure to the Philippine Stock Exchange on Friday, both ALI and POPI announced a deal for ALI to acquire 51.36 percent interest in POPI, subject to certain terms and conditions.
POPI’s crown jewel is Tutuban Properties Inc., which in turn owns Tutuban Center, a retail complex with a gross leasable area of about 60,000 square meters, offering various concepts from wholesale and bargain stalls, to regular retail and food outlets.
“This acquisition is aligned with ALI’s thrust of expanding its leasing business,” ALI said in its disclosure.
With this deal, POPI said it would be able to benefit from the expertise and resources of ALI and “optimize the development of its property assets, especially Tutuban Center.”
Tutuban Center, which sits on a 20-hectare property, will be the location of the North-South Railway Project transfer station which will interconnect with the LRT 2 west station.
Formerly known as Guoco Holdings (Philippines) Inc., POPI has interests in real estate and property development, manufacturing and retailing/distribution, non-life insurance and other allied services.