MANILA, Philippines — BDO Unibank Inc. spent more than P8 billion to buy out the 50 percent stake of Singapore’s Keppel Group in the Podium Complex in Ortigas Center.
Keppel Philippines Properties Inc. said in a disclosure to the Philippine Stock Exchange (PSE) that BDO has paid approximately P6.52 billion for its 40 percent stake in SM Keppel Land Inc.
The country’s largest bank owned by the family of the late retail and banking magnate Henry Sy also shelled out another P1.63 billion for the 10 percent interest of Opon-KE Properties Inc.
The acquisition price is subject to purchase price adjustments based on the actual net asset value of SM Keppel Land as of Dec. 22.
The divestment by the Keppel Group of Singapore in SM Keppel Land – developer and operator of the Podium complex. – was completed last Dec. 22.
“By this acquisition, BDO will now fully own the Podium Complex, consisting of BDO’s Corporate Center Ortigas, the West Tower and the Podium Mall,” BDO said earlier.
BDO announced on March 27, 2023 that it agreed to buy out the Keppel Group’s 50 percent direct equity stake in SM Keppel Land.
The Keppel Group’s decisions to divest its stake in SM Keppel Land as part of its Vision 2030 asset monetization plans to unlock capital which can be channeled toward new growth opportunities.
Based on its disclosure on March 27, 2023 Keppel Corp. said BDO agreed to pay P7.99 billion for the share of Keppel Philippines Properties and Opon-KE Properties in SM Keppel Land, subject to completion adjustments.
According to Keppel, the consideration is more than the net asset value of the sale shares of approximately P3.39 billion at end-2022.
The Podium Complex currently houses BDO’s offices in Ortigas and the Podium Mall.
As early as 2014, BDO partnered with Keppel for the redevelopment of the Podium Complex in Ortigas, with the construction of the BDO Corporate Center.
The Podium Mall and the 48-story Podium West Tower opened in September 2019.