Kepwealth Properties Philippines Inc. said it has started looking for new property acquisitions to beef up its portfolio after putting off these plans due to the pandemic.
Kepwealth made these plans after its initial public offer (IPO) in August 2019.
The company said it has completed the acquisition of two properties related to its P384.77-million IPO proceeds.
The company said it bought two contiguous floors and 19 parking spaces in One San Miguel Ave., using the proceeds as of end-September.
Kepwealth had planned to use the IPO proceeds to fund the acquisition of office leasing spaces of about 3,500 square meters mostly in the Greater Manila Area and Davao City.
“The company is continuing to focus its business development effort tapered by the current business environment. After reassessing our plans and timeline with regards to the use of the IPO proceeds for the acquisition of additional units that we can lease out, we believe that the most prudent stance would be to continue to proceed cautiously as we evaluate the available properties and weigh that against the demand for office spaces. Originally the company had projected to complete the acquisition until the end of the second quarter of 2020,” Kepwealth said.
