Amid its plan to expand outside Cebu, the property arm of Cebu-based conglomerate Aboitiz Equity Ventures (AEV) is eyeing the purchase of 60 percent of an Alsons Group subsidiary, Lima Land Inc. (LLI).
In a disclosure to the Philippine Stock Exchange, AEV said that its real-estate arm, Aboitiz Land Inc. (AboitizLand), has offered to purchase 60 percent of LLI, a subsidiary of Alsons Land Corp., (ALC).
LLI owns the Lima Technology Center located in Malvar, Batangas and Lipa City.
The offer to purchase, according to AEV, is still subject to the requisite due diligence review and the completion of a definitive share purchase agreement.
It was reported a month ago that AboitizLand is set to launch three projects this year amid its plan to expand outside Cebu.
Andoni Aboitiz, president and chief executive of AboitizLand, earlier said that the company is rolling out a project and it will launch two more for the rest of the year.
“For now, we’re Cebu-based, but we’re looking at expanding outside Cebu. We haven’t come to a conclusion yet [about expansion outside Cebu],” Aboitiz then said.
AboitizLand also sealed a deal with real-estate giant Ayala Land Inc. for the development of several projects in Cebu.
ALI has agreed in principle with AboitizLand to enter into a 50-50 joint venture for the development of properties in Cebu.
This joint venture with AboitizLand is consistent with ALI’s growth strategy of establishing more developments in the major urban areas in the country, Cebu being one of the most progressive metropolitan areas in the Philippines.