MANILA, Philippines - Ayala Land Inc. on Monday said it is fully
cooperating with the government investigation on the explosion that
occurred at a condominium unit at its upscale development Two Serendra.
Antonino Aquino, president of Ayala Land, said the company
immediately attended to the casualties and affected residents of Two
Serendra. The affected residents are billeted at Ayala's Seda Hotel in
Bonifacio Global City until they can move back in their homes.
Aquino also said Ayala Land is assisting and cooperating fully with the government investigation.
On Friday evening, an explosion occurred at unit 501 of building B at
Two Serendra in Bonifacio Global City. Debris from the blast killed
three persons on board a delivery van passing through McKinley Parkway,
while four Serendra residents were injured. The cause of the blast has
not yet been determined.
Investors appeared spooked by the incident, as shares of Ayala Land fell by as much as 7.6% on Monday.
source: www.abs-cbnnews.com
Showing posts with label Ayala Land Inc.. Show all posts
Showing posts with label Ayala Land Inc.. Show all posts
Monday, June 3, 2013
Tuesday, October 2, 2012
Ayala buys Saudi firm's stake in Makati hotel
MANILA, Philippines - An Ayala Land Inc. (ALI) subsidiary bought the
stake owned by a Saudi Arabian conglomerate in the luxury Fairmont Hotel
and Raffles Suites and Residences project in Makati City.
In a disclosure to the stock exchange, ALI said AyalaLand Hotels and Resorts Corp. acquired the interests of Kingdom Hotel Investments (KHI) in the luxury project for $24.11 million (around P1 billion).
KHI is a subsidiary of Saudi Arabian conglomerate Kingdom Holding Company (KHC), which is chaired by Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud.
"The acquisition is in line with the company's thrust to grow its commercial leasing business," the property developer said.
The acquisition will add 32 Raffles suites and 280 Fairmont Hotel rooms to AHRC's hotel portfolio.
ALI said the continuing sale of units in the Raffles Residences will generate immediate cash. The operations of the hotel and serviced apartments will add to its recurring revenues.
The Fairmont Hotel, located at 1 Raffles Drive, Makati Avenue, is expected to open in December.
source: abs-cbnnews.com
In a disclosure to the stock exchange, ALI said AyalaLand Hotels and Resorts Corp. acquired the interests of Kingdom Hotel Investments (KHI) in the luxury project for $24.11 million (around P1 billion).
KHI is a subsidiary of Saudi Arabian conglomerate Kingdom Holding Company (KHC), which is chaired by Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud.
"The acquisition is in line with the company's thrust to grow its commercial leasing business," the property developer said.
The acquisition will add 32 Raffles suites and 280 Fairmont Hotel rooms to AHRC's hotel portfolio.
ALI said the continuing sale of units in the Raffles Residences will generate immediate cash. The operations of the hotel and serviced apartments will add to its recurring revenues.
The Fairmont Hotel, located at 1 Raffles Drive, Makati Avenue, is expected to open in December.
source: abs-cbnnews.com
Saturday, June 30, 2012
Ayala Land, Ortigas group seal P15B deal
MANILA, Philippines (1st UPDATE) - Ayala Land Inc. (ALI) has sealed a P15-billion peso deal with a group led by Ignacio Ortigas for the development of the Ortigas family's land bank areas, including the Greenhills Shopping Center and Tiendesitas.
This, after the Ortigas group - or at least part of the family - blocked Henry Sy's attempt to take over one of the country's oldest real estate companies.
The Ortigas family consolidated its interest in their holding company by buying a 34 percent stake held by British banking giant HSBC, matching an earlier offer by Sy's SM Group.
The buyout of HSBC's stake gave the Ortigases time to think about their options while property giants SM and the Ayala groups wrestled for control of the urban property developer.
ALI said the deal will allow them to expand their list of business districts that already counts Makati, Quezon City and Bonifacio Global City.
"The partnership... was forged upon the invitation of the Ignacio R. Ortigas group," Ayala Land said in a press statement.
"We are privileged to be a part of this strategic alliance. We welcome the opportunity to participate in the development of these key areas in Metro Manila," ALI President Antonino T. Aquino said. "Many of our successful developments such as the Ayala Alabang, Cebu Park District, Bonifacio Global City, Trinoma, Nuvali, Abreeza Davao, and Centrio Cagayan de Oro were built on strong partnerships with various groups."
Ortigas & Company currently owns strategic land bank areas in the Ortigas Business District, Greenhills Shopping Center, Tiendesitas in Frontera Verde, Circulo Verde, and Capitol Commons.
PSE disclosure
In an earlier disclosure to the Philippine Stock Exchange on Friday, ALI said it had obtained authority from the board to negotiate and enter into a strategic alliance with the group led by Ignacio Ortigas for the purpose of allowing ALI to participate in OCLP Holdings Inc., the parent company of Ortigas & Co Ltd.
ALI said it had allocated an initial amount of P15 billion for this partnership and in the development of various properties and businesses.
"This opportunity comes with the invitation of the group of Mr. Ortigas and is in line with the company's expansion plan," the disclosure said.
It was earlier reported in that some Ortigas family members have started talking to the Ayalas, who are likewise of Spanish descent, to foil the entry of the SM group.
Strategic alliance
ALI said: "The strategic alliance is consistent with Ayala Land's thrust of expanding its operations to other areas within and outside Metro Manila through partnerships."
"Our company intends to contribute its expertise in building large scale mixed use developments to this partnership. This development project includes plans for residential, office, retail and hotel components," ALI said.
The Ortigas family members who bought the stake from HSBC - erstwhile the single biggest stockholder in the company - can not divest their stake under a lock-up period. But the deal effectively consolidated a controlling interest within the family which made it easier to sell an enlarged stake to a new investor.
"The existing stockholders which consist primarily of the Ortigas groups exercised their right of first refusal on HSBC shares on Ortigas Holdings Inc.," SM Investments Corp. Cora Guidote said in a text message Thursday night.
Banking sources confirmed that payment to the stake was paid to HSBC as of Thursday.
It was earlier reported that while certain factions within the Ortigas family were willing to take in SM Investment Corp. as a new investor while some preferred the Ayalas instead.
Industry sources said family members from both factions jointly out up funding to buy out HSBC's stake.
Ortigas Holdings was created when Ortigas & Co. Ltd. was converted from a limited partnership into a corporate entity, a restructuring that paves the way for the entry of a new investor, a stock debut or both. It had taken some time for the Ortigas holding firm to take this corporate route because of the diverse ownership, the old partnership being a very old entity whose shares of stocks had been passed on from one generation to another.
A key urban developer, Ortigas Holdings has 50 hectares of land spanning Quezon City, Pasig, San Juan and Mandaluyong, the crown jewel of which is the 16-hectare Greenhills property complex. Another 40 hectares of prime land can be added to its land bank, which include portions of Camp Crame (10 hectares) and Camp Aguinaldo (30 hectares), which were donated to the government years ago but which it has the right to buy back if the government vacates the area in the future. - with a report from ANC
source: abs-cbnnews.com
This, after the Ortigas group - or at least part of the family - blocked Henry Sy's attempt to take over one of the country's oldest real estate companies.
The Ortigas family consolidated its interest in their holding company by buying a 34 percent stake held by British banking giant HSBC, matching an earlier offer by Sy's SM Group.
The buyout of HSBC's stake gave the Ortigases time to think about their options while property giants SM and the Ayala groups wrestled for control of the urban property developer.
ALI said the deal will allow them to expand their list of business districts that already counts Makati, Quezon City and Bonifacio Global City.
"The partnership... was forged upon the invitation of the Ignacio R. Ortigas group," Ayala Land said in a press statement.
"We are privileged to be a part of this strategic alliance. We welcome the opportunity to participate in the development of these key areas in Metro Manila," ALI President Antonino T. Aquino said. "Many of our successful developments such as the Ayala Alabang, Cebu Park District, Bonifacio Global City, Trinoma, Nuvali, Abreeza Davao, and Centrio Cagayan de Oro were built on strong partnerships with various groups."
Ortigas & Company currently owns strategic land bank areas in the Ortigas Business District, Greenhills Shopping Center, Tiendesitas in Frontera Verde, Circulo Verde, and Capitol Commons.
PSE disclosure
In an earlier disclosure to the Philippine Stock Exchange on Friday, ALI said it had obtained authority from the board to negotiate and enter into a strategic alliance with the group led by Ignacio Ortigas for the purpose of allowing ALI to participate in OCLP Holdings Inc., the parent company of Ortigas & Co Ltd.
ALI said it had allocated an initial amount of P15 billion for this partnership and in the development of various properties and businesses.
"This opportunity comes with the invitation of the group of Mr. Ortigas and is in line with the company's expansion plan," the disclosure said.
It was earlier reported in that some Ortigas family members have started talking to the Ayalas, who are likewise of Spanish descent, to foil the entry of the SM group.
Strategic alliance
ALI said: "The strategic alliance is consistent with Ayala Land's thrust of expanding its operations to other areas within and outside Metro Manila through partnerships."
"Our company intends to contribute its expertise in building large scale mixed use developments to this partnership. This development project includes plans for residential, office, retail and hotel components," ALI said.
The Ortigas family members who bought the stake from HSBC - erstwhile the single biggest stockholder in the company - can not divest their stake under a lock-up period. But the deal effectively consolidated a controlling interest within the family which made it easier to sell an enlarged stake to a new investor.
"The existing stockholders which consist primarily of the Ortigas groups exercised their right of first refusal on HSBC shares on Ortigas Holdings Inc.," SM Investments Corp. Cora Guidote said in a text message Thursday night.
Banking sources confirmed that payment to the stake was paid to HSBC as of Thursday.
It was earlier reported that while certain factions within the Ortigas family were willing to take in SM Investment Corp. as a new investor while some preferred the Ayalas instead.
Industry sources said family members from both factions jointly out up funding to buy out HSBC's stake.
Ortigas Holdings was created when Ortigas & Co. Ltd. was converted from a limited partnership into a corporate entity, a restructuring that paves the way for the entry of a new investor, a stock debut or both. It had taken some time for the Ortigas holding firm to take this corporate route because of the diverse ownership, the old partnership being a very old entity whose shares of stocks had been passed on from one generation to another.
A key urban developer, Ortigas Holdings has 50 hectares of land spanning Quezon City, Pasig, San Juan and Mandaluyong, the crown jewel of which is the 16-hectare Greenhills property complex. Another 40 hectares of prime land can be added to its land bank, which include portions of Camp Crame (10 hectares) and Camp Aguinaldo (30 hectares), which were donated to the government years ago but which it has the right to buy back if the government vacates the area in the future. - with a report from ANC
source: abs-cbnnews.com
Subscribe to:
Posts (Atom)