Aboitiz Equity Ventures (AEV) welcomed AboitizLand, a Cebu-based real estate firm, as part of the group’s consolidation efforts. AboitizLand was a wholly owned subsidiary of Aboitiz & Company, which held 49.54% stake (2.74 million shares) in AEV. In September 2013, the board of AEV approved of the transfer of the entir
Aboitiz Equity Ventures (AEV) welcomed AboitizLand, a Cebu-based real estate firm, as part of the group's consolidation efforts. AboitizLand was a wholly owned subsidiary of Aboitiz & Company, which held 49.54% stake (2.74 million shares) in AEV. In September 2013, the board of AEV approved of the transfer of the entire stake of Aboitiz & Company in AboitzLand through a share purchase agreement and collateral contracts worth US$74 million (Peso 3.2 billion) in total, allowing AEV to directly engage in and profit from real-estate development
“We are looking at expanding AEV's earning capacity in business sectors that have scale in a growing domestic economy and Filipinos' improved earning capacity, with AboitizLand's ongoing business from its industrial estates and other existing projects,” said Erramon Aboitiz, CEO and President of AEV.
AboitizLand is the developer and operator of Mactan Economic Zone II in Lapu Lapu City and the West Cebu industrial Park in Balamban, with other investments in residential, commercial and industrial developments, and associated property management.