AeroparkDevelopment Philippines Inc. (ADPI), a special purpose entity owned by funds managed by CarVal Investors, has invested in West Aeropark, a five-building development with a combined gross floor area of 142,000 square meters, previously owned by UdennaLand’s Global Gateway Development Corp. (GGDC) in Clark Global City, Pampanga for an undisclosed amount.
ADPI is the local special purpose entity owned by funds managed by CarVal Investors, an established global alternative investment manager focused on distressed and credit-intensive assets.
CarVal/ADPI is the largest and controlling investor in the West Aeropark transaction which is a collaborative effort between CarVal/ADPI and SofCap Partners, a growth equity investment firm based in the Philippines.
SofCap will manage the West Aeropark assets.
CarVal/ADPI and SofCap worked closely with Udenna’s GGDC and its existing bank lenders to consummate the transaction.
Proceeds from the transaction will support Udenna’s ongoing liabilities management exercise.
West Aeropark is one of its landmark developments is a landmark project at Clark Global City and is home to several global business process outsourcing tenants
Several of the commercial towers of West Aeropark have been completed and partially leased, while a couple of the towers are still under construction. All five towers have attained pre-certified Gold status under the Leadership in Energy and Environmental Design Core & Shell certification.
