Ayala Land acquires Aboitiz Group's 50% stake in CDPEI for P1.81B, gaining full ownership of Gatewalk Central developer in Cebu.
Ayala Land Inc. is acquiring the Aboitiz Group's 50% stake in Cebu District Property Enterprise Inc. (CDPEI), a joint venture company, for P1.81 billion. The acquisition will give Ayala Land full ownership of the developer of the 17.5-hectare Gatewalk Central in Mandaue City, Cebu. Ayala Land aims to expand its presence in the Visayas region with this development. The transaction is subject to regulatory approvals from the Securities and Exchange Commission and the Philippine Competition Commission.
June 18, 2024
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