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SM Investments Corp. (SMIC) is consolidating into its portfolio a 184-hectare property in Muntinlupa held by unit Intercontinental Development Corp. (ICDC).
The transaction will be an asset-for-share swap, the valuation of which SMIC said will be announced at a later date.
SMIC said the transaction “will increase its real estate assets through the acquisition of the properties” located in Susana Heights.
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SMIC grew its profit in the first half of the year by 10 percent to P40.2 billion from P36.5 billion last year. Revenues grew 5 percent to P301.4 billion from P286.7 billion.
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