BDO Unibank Inc., the country’s largest lender controlled by the Sy family, said Wednesday it took full ownership of property developer SM Keppel Land Inc., the developer of Podium Complex in Pasig City.
BDO said in a disclosure to the stock exchange Wednesday it completed the buyout of the interests of Keppel Philippines Properties Inc. (KPPI) and Opon-KE Properties Inc. in SM Keppel Land.
Prior to the transaction, KPPI owned 40 percent in SM Keppel, while Opon-KE had 10 percent. BDO held the remaining 50 percent.
Singapore’s Keppel Group in March decided to divest its stake in SM Keppel Land for P8 billion. This was in line with Keppel Group’s Vision 2023 asset monetization plans to unlock capital, which may be used to finance new growth opportunities.
BDO said that with the acquisition, it will fully own Podium Complex―a mixed-use development and lifestyle destination. It consists of BDO Corporate Center Ortigas, the 48-story premium grade West Tower and the Podium Mall.
The transaction is subject to the approval by the Bangko Sentral ng Pilipinas and Philippine Competition Commission and customary closing conditions.