MS 30th Anniversary XXX

Ayala, Robinsons eye Apollo towers

Property developers Ayala Land Inc. and Robinsons Land Corp. are both interested in acquiring a controlling stake in five office buildings in Bonifacio Global City owned by Apollo Global Real Estate of billionaire Leon Black. Apollo Global Real Estate, which has about $9 billion of assets, is the property investment arm of New York-based Apollo Global Management LLC, a global alternative investment manager with $113 billion in assets run by Black,  a co-founder of the company. RLC president Frederick Go said in an interview the company was negotiating with Apollo to acquire the stake in the five office buildings with a gross leasable area of 147,000 square meters. “Yes we are in talks,” Go said. Ayala Land group head for residential, office and shopping center Bernard Vincent Dy said in a separate interview the company was also interested in making a bid for the office towers. “If it is project as big as that, then we will be interested,” Dy said. The towers were built by The Net Group of businessman Carlos Rufino, who was reportedly interested in keeping the company’s stake in the five towers. Rufino declined to comment on the planned sale of Apollo’s stake in the office buildings, but said the Net group would continue with its planned expansion projects. The towers on sale include the Net Plaza, Net Quad, Net Cube, Net Square and Net One Center which are fully leased, the document showed. Tenants include Accenture Plc, HSBC Holdings Plc, Deutsche Bank AG and JPMorgan Chase & Co.
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