Ali buys Mitsubishi’s 20% stake in laguna Technopark

Ayala Land Inc., the property arm of the Ayala Group, is acquiring the 20 percent equity interest of Mitsubishi Corp. in Laguna Technopark Inc. (LTI).

This is equivalent to 8,051 common shares valued at P800 million.

The executive committee approved the purchase, ALI said in a disclosure to the stock exchange yesterday.

ALI will exchange the 20 percent equity interest in LTI for additional shares of stock in Prime Orion Philippines Inc., equivalent to 323 million common shares of POPI.

The move is seen to help POPI become one of the country’s major real estate logistics players.

“This transaction will strengthen POPI’s vision to be the leading real estate logistics and industrial estate developer and operator in the Philippines,” ALI said.

POPI is a subsidiary of ALI and it has been strengthening its presence in the industry. It has earmarked P1 billion for the construction of a factory building within the 11-hectare Laguna Technopark.

The factory will generate over 60,000 square meters of gross leasable area, bringing POPI’s real estate logistics total gross leasable area to 200,000 square meters by October 2020.

It aims to become a prime builder of industrial parks and warehouse facilities.

ALI first acquired an initial 51.36 percent interest in POPI in 2015.