Ayala Land Wants Management Control

Article excerpt

MANILA, Philippines - Property giant Ayala Land, Inc., is negotiating with members of the Ortigas family to have management control if it joins OCLP Holdings as a strategic partner.

"I think the strategic partner should have management control, said ALI president Antonino Aquino in an interview.

He clarified that they are still working out the deal with the Ortigas family and they have yet to see if they will get management control over the holding company or control over the real estate projects.

ALI aims to get to buy at least half of the 34 percent of OCLP owned by the Hong Kong and Shanghai Banking Corporation, so it can get to jointly develop the large pieces of prime property owned by the Ortigas family in the cities of Quezon, Pasig and San Juan.

In a recent announcement, ALI said it is allotting an initial P15 billion as it negotiates for a strategic alliance with the group of Ignacio Ortigas so it can help develop Ortigas & Company Limited Partnership's prime properties.

Aquino noted that ALI has a strong track record of having good partnerships with various land owners in developing integrated projects that the firm is known for.

"We have demonstrated this in Makati which is our calling card," said Aquino adding that ALI has teamed up with the Campos family and the government in Bonifacio Global City, Fil-Estate in the Trinoma project and the University of the Philippines in the Ayala Technohub.

According to Aquino, ALI is very bullish about the prospects of the Philippine economy which they see as being vibrant enough to allow "multiple major developments on a simultaneous basis."

He noted that the partnership with the Ortigas will allow them to open a gateway to the east of Metro Manila in the same way that its Makati, Nuvali and BGC developments are gateways to the south and the Trinoma project is the gateway to the North. …