Developer Ayala Land Inc., (ALI) on Friday said it acquired 51.36 percent of Prime Orion Philippines Inc. (POPI).
In a disclosure to the Philippine Stock Exchange, Ayala Land said it subscribed to 2.5 billion common shares of stock or 51.36 percent interest in POPI for P5.6 billion.
POPI is engaged in the business of property development and retail trade. Subsidiary Tutuban Properties Inc. owns the Tutuban Center in Manila.
Tutuban Center is a retail complex in the shopping district of Divisoria, with a gross leasable area of about 60,000 square meters, offering various concepts from wholesale and bargain stalls, to regular retail and food outlets.
The acquisition is “aligned with ALI’s thrust of expanding its leasing business,” ALI noted.
In another disclosure, POPI said the agreement will benefit its property assets – especially Tutuban Center which sits on a 20-hectare property that will also host the North South Railway Project Transfer Station which will interconnect with the LRT-2 West Station.
“With the entry of ALI, POPI will be able to benefit from the expertise and resources of ALI and optimize the development of its property assets, especially Tutuban Center.”