The acquisition, finalized on June 14, 2024, consolidates ALI’s ownership of CDPEI, making it the sole owner of the joint venture, the Zobel family-controlled real estate developer said in a disclosure to the Philippine Stock Exchange.
CDPEI is the developer of Gatewalk Central, a 17.5-hectare mixed-use estate in Mandaue City, Cebu. According to the firm, this acquisition aligns with ALI’s vision to bolster its presence in the Visayas region and enhance the development of key estates like Gatewalk Central.
The transaction, approved by ALI’s board of directors on April 25, 2024, involved the purchase of 1.81 million common shares from Aboitiz Land and 16.29 million Series “A” preferred shares from AEV.
The agreement followed a due diligence review and includes customary regulatory approvals.
This move positions ALI for significant growth in the region, the company said.
