Aboitiz inks P1.36-B deal to buy industrial estate in Batangas

MANILA—The Aboitiz group has entered Batangas’ industrial estate market with a P1.36-billion deal to buy 60 percent of the company that owns and operates the LiMA Technology Center.

In a disclosure posted at the Philippine Stock Exchange on Friday, Aboitiz Equity Ventures Inc. said its property arm Aboitiz Land Inc. has signed the deal to buy out the stake held by Alsons Land Corp. in LiMA Land Inc. (LLI). The group is thus coming in as the new partner of the Japanese Marubeni Corp., Alsons’ original joint venture partner.

The purchase price includes LLI’s interest in its wholly owned subsidiaries, LiMA Utilities Corp. and LiMA Water Corp. The buyout is expected to close no later than 30 days after the execution of the sale and purchase agreement, disclosure said.

LiMA Technology Center is an industrial park located registered with the Philippine Economic Zone Authority.

While Aboitiz Land is only now breaking into the Batangas industrial property market, it already operates two economic zones in its home market of Cebu. It is the developer and operator of two economic zones, the Mactan Economic Zone II in Barangay Mactan, Lapu Lapu City, and the West Cebu Industrial Park in Balamban, Cebu, through its subsidiary, Cebu Industrial Park Developers, Inc.