Ayala Land acquires P2.3B Cavite property from Panlilio group

ABS-CBN News

Posted at Mar 14 2014 04:47 PM | Updated as of Mar 15 2014 12:47 AM

MANILA, Philippines - Ayala Land Inc. is acquiring a P2.3 billion property in Ternate, Cavite from the Panlilio family's Boulevard Holdings.

In a disclosure to the stock exchange, Boulevard Holdings chairman and president Jose Marcel Panlilio said the company has agreed to sell certain parcels of land in Ternate to Ayala Land.

"The property is defined by a small bay with finger promontories sheltering the beach cove and a backdrop of mountains with magnificent ocean views and green forests that makes it prime real estate. The parties have valued the transaction at P2.3 billion," Panlilio said.

Ayala Land will use the property for a high-end mixed-use community under the Ayala Land Premier brand.

"This agreement is subject of a closing period in order to obtain all requisite approvals, conduct of due diligence, and other conditions precedent to closing within the next three to four months," Panlilio said.

The deal was signed by Panlilio, ALI president and CEO Antonino Aquino and Ayala Land Premier head Jose Juan Jugo on Thursday.