The board of directors of House of Investments, the holding and management company of the Yuchengco Group, approved the P6.05-billion purchase of A.T. Yuchengco Centre in Taguig City from affiliate Rizal Commercial Banking Corp.
HI president and chief executive Lorenzo Tan said the acquisition is part of the company’s long-term plans to consolidate the property interests of the conglomerate.
“This is part of our strategy to realign the businesses of YGC, and strengthen the conglomerate’s position with a more holistic approach in the property development and management sector,” he said.
HI will form an investment vehicle to hold the newly-acquired asset as HI’s wholly-owned subsidiary. Tan said the acquisition is part of HI’s plans to grow its property business segment in line with the conglomerate’s mission to build and grow a portfolio of strategically diversified and sustainable investments.
The investment firm is also developing a 83,710-square-meter commercial property along Sen. Gil Puyat Ave. in Makati City with a foreign partner. Othel V. Campos
