AYALA Land Inc. (ALI) said Tuesday that it was buying the shares of Aboitiz Equity Ventures Inc. (AEV) and Aboitiz Land Inc. (AboitizLand) in Cebu District Property Enterprise Inc. (CDPEI), their joint venture company in Cebu.
AYALA Land Inc. said Tuesday that it was buying the shares of Aboitiz Equity Ventures Inc. and Aboitiz Land Inc. in Cebu District Property Enterprise Inc. , their joint venture company in Cebu .ALI and its partners had set up CDPEI in 2014 to engage in real estate development, particularly to build the proposed 17.5-hectare Gatewalk Central Superbloc mixed-use estate in Mandaue City.
81 million common shares.The consideration was determined based on an agreed valuation following a due diligence review. Payment will be made in cash and in tranches.'The acquisition will consolidate Ayala Land's ownership of CDPEI that will contribute to Ayala Land's growing presence in the Visayas region,' it said.Meanwhile, AEV stressed that the transaction was aligned with its strategy to optimize resource allocation in the real estate industry.
Land Buys Out Aboitiz Stake In Cebu JV
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