AYALA Land Inc. is buying out its partner Aboitiz Land Inc. and Aboitiz Equity Ventures Inc. (AEV) in their joint-venture Cebu District Property Enterprise Inc. (CDPEI) for P1.81 billion.
Ayala said the parties signed a share sale and purchase agreement for the 50 percent stake of the Aboitiz Group in the venture, the developer of the 17.5- hectare Gatewalk Central in Mandaue City in Cebu.
CDPEI was incorporated in 2014 to engage in the business of real estate development.
“Ayala Land envisions Gatewalk Central to be one of its key Cebu estates that will contribute to Ayala Land’s growing presence in the Visayas region,” the company said.
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