SINGAPORE’S Keppel Group formally relinquished to the country’s wealthiest family its interest over one of Metro Manila’s posh complexes – The Podium at the Ortigas Center located at the border of Mandaluyong and Pasig City.
In an announcement, the Sy-led BDO Unibank Inc. has gained full control of The Podium retail and office complex after completing the buyout of Keppel Group’s stake in SM Keppel Land Inc.
BDO Unibank announced that the deal to acquire the Singaporean entity’s 50-percent direct equity in SM Keppel had been completed on Dec. 22. SM Keppel is BDO’s joint venture company with the Keppel Group. It is engaged in developing, operating and managing The Podium Complex.
The Podium mall has a total leasable area of 50,000 square meters (sqm), while The Podium West Tower has a net leasable area of 90,000 sqm.
The Keppel Group, comprising Keppel Philippines Properties Inc. and Opon-KE Properties Inc., announced in March its decision to divest from the company.
“By this acquisition, BDO will now fully own The Podium Complex, consisting of BDO’s Corporate Center Ortigas, The West Tower and The Podium mall,” the listed bank said in a disclosure.
Keppel Philippines said the transaction was in line with its “asset monetization plans to unlock capital, which can be channeled towards new growth opportunities.”
The property company said the sale would increase its net asset value by P10.90 per share subject to purchase price adjustments. As of end-September, it had a net asset value of P9.97 per share.
Keppel Philippines Properties is owned by Singaporean conglomerate and investment firm, Keppel Corp. Ltd. BDO is part of the Sy family’s retail, property and banking conglomerate SM Investments Corp.
The longtime partners developed the Podium from a shopping mall that opened in 2002 before redeveloping the project into a retail and commercial hub that includes the 40-story The Podium West Tower office building.
In a stock exchange filing on Monday, BDO said its board approved the acquisition of Keppel Philippines Properties Inc.’s and Opon-KE Properties Inc.’s combined 50 percent stake in joint venue company, SM Keppel Land.
“By this acquisition, BDO will consolidate its ownership of the Podium Complex, presently 50 percent owned by [SM Keppel Land], consisting of BDO’s Corporate Center Ortigas, the West Tower and the Podium Mall,” BDO said in the filing.
“The Podium Complex currently houses BDO’s offices in Ortigas and BDO already occupies approximately 63 percent of the office spaces in the Podium Complex,” it added.
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