Property developer Ayala Land Inc. said Wednesday it acquired Aegis PeopleSupport Realty Corp., the owner of a business process outsourcing building in Cebu, for P435 million.
Ayala Land senior vice president and chief finance officer Jaime Ysmael said in a disclosure to the stock exchange the company purchased all the 8.2 million common shares of Aegis PeopleSupport Realty in line with the thrust to expand its office leasing business.
Aegis PeopleSupport Realty is a Philippine Economic Zone Authority-registered entity and the owner of Aegis building along Villa Street, Cebu IT Park in Lahug, Cebu City.
The building is a certified LEED-gold office with a gross leasable area of 18,092 square meters and is largely occupied by Teleperformance under a long-term lease.
“This acquisition is aligned with ALI’s thrust of expanding its office leasing business,” Ayala Land said.
Ayala Land said in a bid to achieve its P40-billion net income target by 2020, it planned to triple the size of shopping malls, office space and hotel and resorts businesses over the next seven years.
For office development, the company aims to have 1.8 million gross leasable space by 2020 from 600,000 square meters as of end 2013.
Its hotels and resorts business is also projected to reach 6,000 room keys by 2020 from 2,000 room keys as of end 2013.
Ayala Land said it would also add 106,000 square meters of leasable office space with the completion of several projects in Bonifaco Global City and Alabang.
The property firm reported a 26-percent jump in net income in 2014 to P14.8 billion from P11.7 billion in 2013, boosted by strong performance of property development and commercial operations.
Consolidated revenues reached P95.2 billion, up by 17 percent year-on-year bolstered by higher residential sales and better commercial leasing revenues.