Conglomerate GT Capital Holdings Inc. has acquired a majority stake in Property Company of Friends Inc. (Pro-Friends) in line with the goal to enter the affordable housing and mixed-use development.
In a disclosure to the Philippine Stock Exchange on Friday, the holding firm of the Ty family said it subscribed to an additional 28.3 percent equity of Pro-Friends for P8.76 billion.
The agreement signed by GT Capital and Profriends Group Inc. (PGI) on August 6, 2015 made the latest transaction possible. PGI was the majority stakeholder of Pro-Friends at that time.
The acquisition raised GT Capital’s economic interest in Pro-Friends to 51 percent from 22.7 percent.
“Our increased investment into Pro-Friends is in line with our intention to expand GT Capital’s property product offerings, ranging from Federal Land’s upper-mid end developments to Pro-Friends’ affordable residential and mixed-use communities, Alfred Ty, GT Capital co-vice chairman and Pro-Friends chairman, said.
The initial subscription of GT Capital in Pro-Friends last year compelled PGI to cede control in favor of GT Capital.
Since August 2015, the financial statements of Pro-Friends have been fully consolidated into GT Capital.
“Underpinned by the continued growth of the Philippine economy, demand in the affordable property sector continues to outstrip supply. Our partnership with GT Capital will further allow us to deliver quality yet affordable homes that serve our customers and take advantage of synergies within the group,” Guillermo Choa, Pro-Friends president, said.
“Our Lancaster New City [LNC], which is strategically located near key infrastructure projects, enables us to offer our live, work, learn, play, and worship estates to many more Filipino families,” Choa added.
Lancaster is the flagship and largest project of Pro-Friends, which spans the cities of Gen. Trias, Kawit, and Imus in Cavite province.