Filinvest Development hikes stake in property unit

Posted at 01/05/12 6:47 PM

MANILA, Philippines -- The Gotianum-led Filinvest Development Corp. on Thursday said it has increased its stake in property unit Filinvest Land Inc. to 59 percent.

In a disclosure to the Philippine Stock Exchange, Filinvest Development said it bought P1.31 billion worth of Filinvest Land shares through the stock market last month at a price range of P1.02 to P1.09 per share.

Before the transaction, Filinvest Development owned 53 percent of Filinvest Land.

Filinvest Land is planning to spend up to P12 billion in capital expenditures this year, banking on the steady growth of the property sector, as well as the business process outsourcing (BPO) industry.

The real-estate firm is currently constructing two BPO office buildings in Northgate Cyberzone in Alabang, and another BPO building in Mandaluyong City.

Filinvest Land is also expanding its Festival Supermall in Alabang, and is constructing the first phase of Il Corso, the lifestyle retail component of Citta de Mare in the South Road Properties in Cebu.