Po family buys 2-hectare Cebu property from UnionBank
Arthaland Corp., the real estate unit of the Po family’s Century Pacific Group, is scaling up its presence in Cebu with the purchase of a 2,245 square meter property from the Union Bank of the Philippines.
In a regulatory filing, Arthaland said the purchase was made through a special purpose company, Bhavana Properties Inc.
The property is located in the corner of Samar Loop Road and Ayala Hipodromo in Cebu City.
Arthaland recently raised P1 billion from a preferred share offering, proceeds of which will be used to fund land acquisitions part of the company’s five-year plan to further grow its portfolio.
The company just topped off the first phase of the 11-hectare Cebu Exchange, envisioned to be the single largest green office building in southern Philippines. It completed the low zone, which offers 5,000 square meters of space per floor as well as retail outlets.