Shang Properties Inc., the listed property development arm of the Kuok Group, said Thursday it acquired Rapidshare Realty and Development Corp., a wholly-owned subsidiary of San Miguel Properties Inc., for P2.5 billion.
The acquisition allows Shang Properties to gain control and ownership of idle assets of Rapidshare.
According to San Miguel Properties annual report for 2023, the property arm of San Miguel Corp. made an additional subscription of P673 million in Rapidshare, whose landholdings was valued at nearly P230 million last year.
The transaction is expected to provide new opportunities for growth and development within the Shang Properties existing projects. The core businesses of Shang Properties include office and retail leasing and residential development. It owns and operates Shangri-La Plaza mall and also holds a 70 percent share in KSA Realty Corp., owner of The Enterprise Center in the business district of Makati City. Shang Properties also holds a 60 percent stake in Shangri-La at the Fort.
