AboitizLand Signs Deal with Alsons Land Acquiring 60% Stake in LiMA Land
07 Oct 2013
Aboitiz Land, Inc. (AboitizLand), the real estate arm of publicly-listed holding and investment company Aboitiz Equity Ventures, Inc. (AEV), has completed its acquisition of a 60% stake in LiMA Land, Inc. (LLI) through the purchase of shares of Alsons Land Corporation (ALC).
AboitizLand President and Chief Executive Officer Andoni F. Aboitiz and ALC Chairman Tomas Alcantara signed on October 3 the Purchase Agreement finalizing the deal.
LLI, a Luzon-based joint venture between ALC and Marubeni Corporation of Japan, is the developer of the 485-hectare LiMA Technology Center, a PEZA-registered economic zone in the Lipa-Malvar area of Batangas, at the heart of the CALABARZON region (Cavite, Laguna, Batangas, Rizal, Quezon).
LiMA Technology Center is a total township project designed as an integrated city. It hosts Epson Corporation as its biggest locator among the 34 locator-companies within the township’s 232-hectare industrial zone.
LLI also owns LiMA Utilities Corporation and LiMA Water Corporation, which supply power and water to the zone’s occupants.
Aboitiz described AboitizLand’s acquisition of LiMA Land as a strategic expansion of the Cebu-based developer’s growing property portfolio.
“With over 20 years of solid experience in real estate in Cebu, we are now bringing our expertise to Luzon. Moving forward, we believe industrial ecozones will be a growth vehicle for the company,” he said.
On the other hand, Alcantara said that ALC’s divestment from LLI is in keeping with its decision to make power generation in Mindanao and other key areas in the country the core focus of its business.
AboitizLand, a leading real estate company in Cebu, currently manages Mactan Economic Zone II (MEZII), which caters to light to medium export industries at Mactan, Lapu-Lapu City, and West Cebu Industrial Park (WCIP), a 202-hectare industrial development in Balamban, Cebu which caters to medium to heavy industries such as shipbuilding and ship recycling facilities, iron and steel manufacturing plants and allied activities.
