Property giant Ayala Land Inc. (ALI) bought out two minority shareholders from the operating company of its TriNoMa mall in Quezon City for P422.5 million.
ALI acquired DBH Inc. and Allante Realty and Development Corp.’s 4.08-percent stake each in North Triangle Depot Commercial Corp. (NTDCC). Both acquisition consist of 308,574 common shares and 1.3 million preferred shares.
ALI now holds 63.82 percent majority controlling interests in NTDCC from 58.53 percent previously. The property company is consolidating its control in NTDCC in preparation for more business should the government proceed with building a transport terminal within the North Triangle in Quezon City.
This is part of ALI’s plan to increase ownership in the TriNoma operator, following the previous partial acquisition of some of Anglo Philippine Holdings Corp.’s stake in NTDCC.
The partial P738-million purchase of 9.24-percent Anglo stake is only a part of the agreed acquisition of 15.79-percent Anglo interests in NTDCC, which is valued at a total of P1.26 billion.
The remaining 6.55 percent Anglo interests is still in discretion of interested ALI partners. Should there not be an interested buyer, ALI will corner the 6.55 percent NTDCC interests to add up to its leasing assets.
ALI said the increase in ownership in the TriNoma operator is in line with the company’s drive to beef up its recurring income assets, which will ramp up next year.
ALI is on track on its 20-percent growth target for the company’s net profits and revenues within the year. The property firm recorded P10.8-billion net income in the first nine months of the year, which is 25-percent higher than last year as its revenues went up 20 percent to P68.3 billion the same time last year.
ALI is involved in property development, commercial leasing, hotels and resorts, construction and property management of the Ayala Group.
It is the property unit of the conglomerate Ayala Corp., which also has units including Manila Water Company Inc., Globe Telecom Inc., Integrated Microelectronics Inc., BPI, and LiveIt Investments, among others.