AboitizLand Inc., the property unit of conglomerate Aboitiz Equity Ventures Inc., has acquired Marubeni Corp.’s 40-percent stake in economic zone operator Lima Land Inc. to bring its total ownership to 100 percent.
AEV said in a disclosure to the stock exchange Aboitiz Land acquired the remaining 360 million common shares in Lima Land from Marubeni of Japan, representing 40-percent of Lima Land’s total issued and outstanding shares.
The company did not disclose other terms of the buyout including the acquisition cost.
The transaction brought AboitizLand’s ownership in Lima Land to 100 percent, following its purchase of Alsons Land Corp.’s 60 percent interest in the company for P1.36 billion on Oct. 30 last year.
Lima Land is the owner and operator of 468-hectare Lima Technology Center, an industrial zone registered with the Philippine Economic Zone Authority.
AboitizLand is the developer and operator of two economic zones, the Mactan Economic Zone II in Lapu Lapu City, Cebu and the West Cebu Industrial Park in Balamban, Cebu through subsidiary Cebu Industrial Park Developers Inc.
The AEV group earlier announced plans to expand its industrial estate business, given the renewed interest of foreign investors in the country.
Aboitiz Land is also strengthening its residential and commercial businesses by expanding in areas outside Cebu.
The property firm formed a 50:50 joint venture partnership with Ayala Land Inc. for the development of properties in Cebu last year.
AboitizLand and Ayala Land will develop a 15-hectare mixed-use community in Mandaue City, Cebu as their first project.
Aside from real estate development, AEV through its various units has interests in power generation, financial services and animal feeds production.
The conglomerate earlier earmarked P88 billion in capital expenditures for 2014, primarily to finance the construction of new power generation plants.
AEV allotted P4 billion in capital expenditures for its property unit this year, as it opens new phases of existing projects in Cebu.
AboitizLand also plans to launch at least three new residential projects within the year.