BDO Unibank Inc. said on Wednesday it completed buying out Keppel Philippines Properties Inc. and Opon-KE Properties Inc. in SM Keppel Land Inc. which owns the Podium complex in Ortigas Center.
This follows the March 27 announcement of Keppel group’s decision to divest of its 50 percent stake in SM Keppel which has managed the Podium Complex.
This consists of 217.91 million common shares and 36.4 million redeemable preferred shares equal to 50 percent of the outstanding SMKL capital stock adjusted net asset value at closing.
“By this acquisition, BDO will consolidate its ownership of the Podium Complex, presently 50 percent owned by SMKL, consisting of BDO’s Corporate Center Ortigas, the West Tower and the Podium Mall. The Podium Complex currently houses BDO’s offices in Ortigas and BDO already occupies approximately 63 percent of the office spaces in the Podium Complex,” BDO said.
SMKL, a joint venture between the lender and listed firm Keppel Philippines Properties Inc., will cease to exist at the close of the deal. Its primary business is to operate the Podium complex in Mandaluyong consisting of retail and office spaces.
In 2021, it reported earnings of P1.15 billion, a turnaround from an P83.8 million loss the previous year. Gross revenue in 2021 reached P2.1 billion, more than three times the P673.8 million generated in 2020.
“This divestment is in line with Keppel’s Vision 2030 asset monetization plan to unlock capital which can be channeled towards new growth opportunities,” Keppel said.
