MANILA, Philippines – Property powerhouse Ayala Land Inc. (ALI) may close a deal with the Benitez family soon for the acquisition of a property in Caliraya, Laguna.
In an interview, Benitez family member and Unlad Resources director Conrado L. Benitez II told The STAR that ALI has been conducting “due diligence” on the property owned by his cousin Jolly Benitez, father of current Philippine Women’s University president Francisco Benitez.
The Benitez’ Laguna property reportedly spans about 250 hectares.
When asked about the property, a ranking ALI official declined to give an update regarding the status of the deal.
“We will just announce it in due course but just like in any land banking activity, we normally look for several properties at the same time,” the official said.
A source from the Benitez camp, meanwhile, said “a deal is likely to be finalized soon” between both parties.
The Benitez family early this year placed certain properties and assets for sale in hopes of raising funds to settle its obligations with businessman Eusebio Tanco of STI Holdings.
Tanco’s camp in December last year threatened to take over the board of PWU after the Benitez family failed to meet its obligations amounting to nearly P1 billion under an agreement signed in 2011.
“We are finalizing some sales but we’re in process of getting our board approvals, resolutions and signatories straightened out,” Conrado Benitez said.
ALI has earmarked a record-high P100-billion capital expenditure budget this year, 32 percent of which is being allocated for land acquisitions.