Listed property developer Ayala Land Inc. has taken a controlling stake in the operator of TriNoma mall with the partial purchase of the share held by Anglo Philippine Holdings, the company has disclosed.
With the P738 million transaction, ALI will expand its ownership in TriNoma’s operator, North Triangle Depot Commercial Corp. (NTDCC),to a controlling stake of 58.53 percent from the previous 49.29 percent.
The P738 million purchase is only a part of the 15.79 percent stake of Anglo Philippine Holdings Corp. in NTDCC. The complete stake of Anglo Philippine Holdings is valued at P1.26 billion.
“What we purchased (P738 million as disclosed) is only a portion of the 15.79 percent. We are still waiting if partners are interested to buy the remaining,” ALI said in a statement.
“If not, we are open to purchase the entire 15.79 percent,” the company added.
Should the company purchase the entire Anglo stake, its ownership in NTDCC will increase to 65.08 percent.
The transaction is in line with the company’s drive to beef up its recurring income assets.
ALI is on track to meet its 20-percent growth target for the company’s net profits and revenues this 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. Its revenues also increased by 20 percent to P68.3 billion over the same period 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.