Ayala Land Inc., the country’s largest property developer, said Tuesday it signed a deal to acquire the combined 50 percent stake of Aboitiz Land, Inc. and Aboitiz Equity Ventures Inc. in Cebu District Property Enterprise Inc.
This transaction gives Ayala Land full ownership of CDPEI, the developer behind Gatewalk Central, a prominent 17.5-hectare mixed-use estate located in Mandaue City.
Ayala Land is shelling out P1.8 billion to pay for the combined stake of Aboitiz Land and Aboitiz Equity in CDPEI.
The acquisition, subject to customary conditions precedent including regulatory approvals from the Securities and Exchange Commission for CDPEI’s increase in authorized capital stock and clearance from the Philippine Competition Commission, underscores Ayala Land’s strategic focus on expanding its footprint in the Visayas.
Ayala Land envisions Gatewalk Central as a key component of its growing presence in Cebu, aligning with its broader strategy to strengthen its portfolio in dynamic real estate markets.
The transaction involves Ayala Land acquiring full ownership of CDPEI, previously a joint venture among Ayala Land, Aboitiz Land, and Aboitiz Equity since its incorporation in 2014.
As part of the agreement, ALI will acquire a total of 18,100,000 shares of CDPEI, comprising 1,810,000 common shares owned by Aboitiz Land and 16,290,000 Series “A” Preferred shares owned by AEV at a price of P100 each.
Ayala Land plans and develops large-scale, integrated estates that encompass a diverse mix of uses aimed at enhancing urban living and economic growth. The company’s core activities include residential development, commercial and office buildings, industrial lots and parks, hotels and resorts, property management, construction, retail and healthcare.
