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Ayala Land takes over 17.5-hectare Mandaue, Cebu venture from Aboitiz, PCC clears deal

November 5, 2024
8:53AM PHT
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Aboitiz Equity Ventures (AEV) and Aboitiz Land have finalized the sale of their shares in Cebu District Property Enterprise Inc. (CDPEI) to Ayala Land for P1.8 billion.

In a stock exchange filing on Tuesday, AEV announced that the Philippine Competition Commission (PCC) approved the transaction.

CDPEI, established in 2014 as a joint venture, is responsible for developing the 17.5-hectare Gatewalk Central Superbloc in Mandaue City, Cebu. 

“This acquisition will consolidate ALI’s ownership of CDPEI, the developer of Gatewalk Central,” Ayala Land said in a previous filing.

“ALI envisions Gatewalk Central to be one of its key Cebu estates that will contribute to ALI’s growing presence in the Visayas region,” it added.

Ayala Land finalizes takeover of Aboitiz’s stake in Cebu’s Gatewalk Central, strengthening its foothold in the Visayas.
Ayala Land finalizes takeover of Aboitiz’s stake in Cebu’s Gatewalk Central, strengthening its foothold in the Visayas.
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