The festival shopping center of Filinvest City, the Southern Metropolitan Metropolitan Metropolis
Filinvest Land, the real estate department of the Gotianun family Filinvest development project, will strip its flagship shopping center with its publicly listed real estate investment trust fund, worth 6.3 billion pesos ($ 109 million).
According to the transaction, Filinvest Land transferred the ownership of the festival shopping center to the Filinvest Reit (Filrt) in exchange for 1.63 billion Philt stocks, 3.85 pesos per share, and the closing price premium was 25 % before the transaction was announced yesterday.
Filinvest Land said in a statement on Monday: “It is expected that the transaction will provide dividends for Filinvest Land and Filrt.” After the transaction, Filinvest Land's shares in the real estate investment trust fund will increase from 51 % to 63.3 %.
This is the move from other major real estate developers from Ayala Land Inc. to the Robinsons Land of the Robinsons Land in other major real estate developers in the Philippines. Disar income.
The injection of the holiday shopping center will increase the real estate investment portfolio of Filrt to 452,3109 square meters, including 17 A -level office buildings. The shopping mall is located in the 244 -hectare Filinvest City, which was developed by the city in the Metropolitan Metropolitan of the Southern Manila in the late 1980s in the late 1980s.
When Forbes published 50 richest lists in the Philippines, the net assets of the Gotianun family were $ 805 million. Filinvest Development was founded by the late couple Mercedes and Andrew Gotianun SR. They operated a small financing company in 1955, and then entered the late 1960s to enter the Filipino Philippines. The first housing project. The company's group is currently led by siblings Jonathan and Josephine, and has since been diversified into banks, sugar and power.
