Lucio Co's Cosco buys Nueva Ecija mall operator

Posted at 03/03/2014 1:14 PM | Updated as of 03/03/2014 3:18 PM

MANILA, Philippines - Lucio Co's investment holding firm Cosco Capital has acquired Nueva Ecija mall operator NE Pacific Shopping Centers Corp.

In a disclosure to the stock exchange, Cosco Capital said it has acquired 100% of the capital stock of NE Pacific Shopping Centers Corporation from a group that included Metro Pacific Investments Corp. (MPIC).

NE Pacific Shopping Centers is the owner of NE Pacific Mall, which is currently the largest commercial mall in Cabanatuan, Nueva Ecija.

"The acquisition is expected to contribute to the growth of Cosco as it expands its real estate retail leasing portfolio. It is in line with the objective of Cosco to continually strengthen its source of sustainable recurring income," the company said in a statement.

MPIC, in a separate disclosure, said it sold all of its shares in NE Pacific Shopping Centers Corp., representing 36.89% of the issued and outstanding capital stock of NEPSCC, to Cosco Capital.

"The NEPSCC shares were non-core assets of MPIC. Cosco Capital Inc. also acquired the remaining issued and outstanding capital stock of NEPSCC from the other NEPSCC shareholders," MPIC said.

Cosco Capital last month said it signed a deal to buy 100% of Office Warehouse Inc.

Cosco's assets include a 51 percent stake in Puregold Price Club Inc., a portfolio of liquor distribution companies and the Pure Petroleum Corp's oil storage business.

Co also owns listed Puregold Price Club, Inc., which operates Puregold Price Club, Puregold Junior, Puregold Extra and S&R Membership Shopping.