Berjaya unit acquires UK real estate firm

MANILA, Philippines - The local unit of Malaysian conglomerate Berjaya Corp. is increasing its exposure in the United Kingdom (UK) with the acquisition of a real estate company.

In a regulatory filing, Berjaya Philippines Inc. said it bought 50,001 shares or more than 50 percent of RBW Holdings Ltd. for 50,001 British pounds.

The transaction will allow the company to “take advantage of real estate opportunities in London,” Berjaya Philippines said.

RBW Holdings was incorporated to acquire and develop real estate in UK, particularly in London.

Berjaya Philippines said it funded the acquisition through internally-generated cash.

In September, Berjaya Philippines secured a majority stake in British luxury car distributor H.R. Owen following numerous bids to buy out its shareholders.

H.R. Owen distributes luxury brands Aston Martin, Audi, Bentley, BMW, Bugatti, Ferrari, Lamborghini, Lotus, Maserati, Mini, Pagani and Rolls-Royce, predominantly in the London area.

Berjaya Philippines supplies equipment for the Luzon lottery operations of the Philippine Charity Sweepstakes Office and owns the Berjaya Hotel in Makati. It also holds the local franchise for pizza restaurant Papa John’s.

Berjaya Philippines is the sole distributor of Mazda vehicles, parts, and accessories in the Philippines.

The company is looking to build more hotels in the country, including the luxury Four Seasons Hotel, and produce consumer goods in anticipation of higher consumption and tourism growth.

Profits of the company slipped five percent to P605.33 million in the May to October period last year from P637.29 million a year ago.