PHOTO: Official website of BDO / bdo.com.ph
MANILA, Philippines -BDO Unibank Inc. has gained full control of The Podium retail and office complex in Mandaluyong City, Metro Manila, after completing the buyout of Keppel Group’s stake in SM Keppel Land Inc.
On Wednesday, the Sy-led financial institution announced that the deal to acquire the Singaporean entity’s 50-percent direct equity in SM Keppel had been completed on Dec. 22. SM Keppel is BDO’s joint venture company with the Keppel Group. It is engaged in developing, operating and managing The Podium Complex.
The Podium mall has a total leasable area of 50,000 square meters (sqm), while The Podium West Tower has a net leasable area of 90,000 sqm.
The Keppel Group, comprising Keppel Philippines Properties Inc. and Opon-KE Properties Inc., announced in March its decision to divest from the company.
READ: BDO taking over The Podium project as Keppel Group exits venture
“By this acquisition, BDO will now fully own The Podium Complex, consisting of BDO’s Corporate Center Ortigas, The West Tower and The Podium mall,” the listed bank said in a disclosure.
Keppel Philippines said the transaction was in line with its “asset monetization plans to unlock capital, which can be channeled towards new growth opportunities.”
READ: BDO-Keppel joint venture completes ‘The Podium’
The property company said the sale would increase its net asset value by P10.90 per share subject to purchase price adjustments. As of end-September, it had a net asset value of P9.97 per share.
Keppel Philippines Properties is owned by Singaporean conglomerate and investment firm, Keppel Corp. Ltd. BDO is part of the Sy family’s retail, property and banking conglomerate SM Investments Corp.