mergers and acquisitions

Sy family’s BDO takes full control of Podium complex after Keppel Group exit

Ralf Rivas

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Sy family’s BDO takes full control of Podium complex after Keppel Group exit

RETAIL. The Podium Mall in Mandaluyong City.

Podium Mall Facebook page

BDO buys out the Singaporean investors of the Podium complex as the latter search for new growth opportunities

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

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Ralf Rivas

A sociologist by heart, a journalist by profession. Ralf is Rappler's business reporter, covering macroeconomy, government finance, companies, and agriculture.