Sta. Lucia bought a total of 37.4 hectares in Nasugbu, Batangas from Roxaco, a wholly-owned subsidiary of publicly-listed Roxas and Co., on 24 February 2021.
The assets are located in Barangay Lumbangan (20.2 hectares) and Barangay Bilaran (17.2 hecatres) in Nasugbu. Roxaco did not disclose the transaction price.
This is the second property deal between Robles and the Roxas-Elizalde group in the last 13 months. Sta. Lucia bought a 6.67-hectare beachfront properly in Nasugbu from Roxaco in January 2020.
Roxaco planned to use the proceeds from the sale to pay off a portion of its debt and for its working capital needs.
Roxaco is optimistic that with Sta. Lucia’s planned residential and commercial developments for the properties, its remaining properties in Nasugbu would have a “substantial increase in fair market value.”