Festival Mall in Flyn West City, a suburban Metro Metro Manila
FilinostlandThe real estate arm of the Gotianone Family File Investment Development, its flagship shopping mall will be divided into a contract of 6.3 billion pyu ($ 109 million) in its publicly listed real estate investment trust.
Under this agreement, Flynn Westland Festival will transfer the ownership of the Mall to Flyn West Reit (FILRT), which announces total transactions at 3.85 Billion Flat shares for 3.85 PESO, 25 % Premium on Friday’s closing price. Before happening.
“It is expected that the transaction will benefit both Flyn West Land and the flight in this transaction,” Flyn West Land said in a statement on Monday. Following the deal, Filein Westland’s shares in Reit will increase from 51 % to 63.3 %.
Following the move, the other major property developers of the Philippines have been going to the Robinson Land of the Gokongvi Family from the Alaland Inc., which has injecting retail assets in the past two years to make their retimony a series of revenues diverse. –
The Festival Mall infusion will be increased to 452,3109 square meters to 37 %, including 17 grade A office buildings. The mall is located in the 244-Hector Flynn West City, a suburban central business district, which was developed by the group in the southern Metro Enclave of Alabang in the late 1980s.
The Gotianone family’s total value was $ 805 million in August when Forbes Asia posted a list of the Philippines’ 50 richest list. Flynn West Development was founded by the late couple Mercedes and Andrew Gotianone SR, who operated a small financing company in 1955 before joining its first residential project in the Central Philippine island of Cebu in 1965, 1965. – The collective, which is currently helped by siblings Jonathan and Josephin, has been diverse in banking, sugar and electricity.
