Ayala Land Inc. (ALI) has acquired a P2.3-billion property in Cavite in a move that should strengthen the property giant’s presence in the booming Calabarzon or Region 4A.
ALI announced early last year in a disclosure to the Philippine Stock Exchange that it was set to purchase a property owned by Boulevard Holdings Inc. (BHI), also a listed property firm.
On Friday, BHI confirmed to the bourse that it has agreed to the land deal with ALI.
“BHI has agreed to sell to Ayala Land Inc., certain parcels of land in Ternate, Cavite which will be used to develop a high-end mixed-used community using the Ayala Land Premier Brand,” BHI informed the exchange.
The two listed real estate firms valued the transaction at P2.3 billion. No other information was disclosed.
BHI termed the property it sold to ALI as prime real estate, “defined by a small bay with finger promontories sheltering the beach cove and a backdrop of mountains with magnificent ocean views and green forests.”
The sale agreement will be completed when all requisite approvals are obtained, due diligence is conducted, and other conditions precedent to closing are met within the next three to four months, BHI said.
BHI operates the Friday’s Hotel network in the Philippines, and plans to expand the hotel chain in different locations in Asia in the next 10 years.