Sy family’s BDO takes full control of Podium complex after Keppel Group exit
MANILA, Philippines – The Sy family’s BDO Unibank is taking control over upscale Podium mall and office assets within the complex in Ortigas Center, Mandaluyong City, after buying out other investors for P8.15 billion.
In a stock exchange filing, BDO said it acquired the 50% direct equity of Keppel Philippines Properties and Opon-KE Properties in SM Keppel Land Incorporated, a joint venture company between the Keppel Group and BDO for operating and managing the Podium Complex, last December 22.
The deal effectively gives BDO control over BDO Corporate Center Ortigas, West Tower, and the Podium Mall.
BDO currently occupies 63% of the office spaces within the Podium complex.
Meanwhile, the Podium mall has a total leasable area of 50,000 square meters, while Podium West has a total leasable area of 90,000 square meters.
In announcing the divestment last March, Singapore-based Keppel Group said that the move was in line with its asset monetization plans “to unlock capital which can be channeled towards new growth opportunities.” – Rappler.com