Property

Aboitiz Land sells stake in Cebu firm to affiliate

Aboitiz Land Inc. has unloaded its 50% equity stake in Cebu Homegrown Development (CHD), a joint venture with Cebu Landmasters Inc., for P609 million.

In a regulatory filing, Aboitiz Equity Ventures Inc. said its property arm AboitizLand sold its 435 million shares in CHD to Ixidor Holdings Inc.

CHD is engaged in the development of mixed-use vertical projects in Cebu City.

AEV said the transaction is aligned with Aboitiz Land’s strategic direction for its residential business of focusing on horizontal projects.

The valuation was agreed taking into account the value of the properties of CHDI and the market climate.

AEV said the transaction is not material to its business, financial condition and operations

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