Published April 16, 2013 / Dow Jones Newswires
Ayala Land Inc. (ALI.PH), the Philippines’ largest property developer by market capitalization, said Wednesday it sold its 60% stake in Asia i-Office Properties Inc. to Cebu Property Ventures & Development Corp. for an undisclosed amount.

Cebu Property Ventures is 76.3%-owned by Cebu Holdings Inc. (CHI.PH), a 48.9%-owned affiliate of Ayala Land.

Jaime Ysmael, chief finance officer of Ayala Land, told the stock exchange the transaction will allow the company to consolidate into Cebu Property Ventures the development and operations of office buildings geared toward the business process-outsourcing industry in the central Philippine island of Cebu.

He said the move is also in line with Cebu Holdings’ efforts to build a recurring income base.

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