Realtor 8990 Holdings Inc. is acquiring 68 percent of Cebu-based affordable housing developer Piccadilly Premier Land Inc.
“8990 will pay a total of about P88.28 million in cash for this transaction, with 50 percent payable upon execution of the investment agreement. Within the year, the balance is expected to be settled upon issuance by the Bureau of Internal Revenue of the Certificate Authorizing Registration of the shares purchased and presentment of the same to 8990, and the full transfer of all assets to Piccadilly, as major conditions of the final tranche of payment,” the company said.
8990 is acquiring the shares from Piccadilly; RDAK Land Inc.; Acrissor Development Corp. and certain individual shareholders.
8990 said the three developers are all established property developers that have successfully completed affordable projects in Cebu City.
“The agreement comes with an understanding that RDAK and Acrissor also assign certain assets and receivables to Piccadilly. These assets include the Bayanihan Flats Mactan 1 and Bayanihan Flats Mactan 2 projects,” 8990 said.
“While it is too early to tell how much this acquisition will contribute to our revenues, we are excited and optimistic with this transaction. Their existing portfolio of affordable-priced projects is expected to complement our current slate of projects and broaden 8990’s reach in property development,” said Anthony Vincent Sotto, 8990 president.
