MANILA , Philippines -The Sy family’s flagship banking arm BDO Unibank Inc. is taking full control of The Podium retail and office complex in Mandaluyong City in Metro Manila after buying out partner Keppel Group of Singapore.
The longtime partners developed the Podium from a shopping mall that opened in 2002 before redeveloping the project into retail and commercial hub that includes the 40-story The Podium West Tower office building.
In a stock exchange filing on Monday, BDO said its board approved the acquisition of Keppel Philippines Properties Inc.’s and Opon-KE Properties Inc.’s combined 50 percent stake in joint venue company, SM Keppel Land.
“By this acquisition, BDO will consolidate its ownership of the Podium Complex, presently 50 percent owned by [SM Keppel Land], consisting of BDO’s Corporate Center Ortigas, the West Tower and the Podium Mall,” BDO said in the filing.
“The Podium Complex currently houses BDO’s offices in Ortigas and BDO already occupies approximately 63 percent of the office spaces in the Podium Complex,” it added.
The Podium mall has a total leasable area of 50,000 square meters while The Podium West Tower has a net leasable area of 90,000 sqm, according to Keppel Philippines Properties, which is also listed on the Philippine Stock Exchange.
Keppel Philippines Properties said the sale was part of “Keppel’s Vision 2030 asset monetization plans to unlock capital which can be channeled towards new growth opportunities.”
“Following completion, [SM Keppel Land] will cease to be an associated company of [Keppel Philippines Properties],” it said in a separate regulatory filing.
Keppel Philippines Properties is ultimately owned by Singaporean conglomerate and investment firm, Keppel Corp. Ltd. BDO is is part of the Sy family’s retail, property and banking conglomerate SM Investments Corp.
The parties said the transaction would be paid in cash and would be based on the “adjusted net asset value” of SM Keppel Land.
“The consideration was arrived at on a willing-buyer, willing-seller basis, taking into account, among others, the agreed value of The Podium West Tower and The Podium Mall and the net asset value of the sale shares,” Keppel Philippines Properties said in the filing. INQ