SyCipLaw advises CPI Asia Ten B.V. on selling its properties in the Philippines

Sept 30, 2014

SyCip Salazar Hernandez & Gatmaitan acted as counsel to CPI Ten Asia B.V. project regarding the sale of its 90% stake in five (5) buildings and its 40% stake (both common and preferred shares) in five (5) landholding companies in the Philippines. The building companies own Net One, Net Square, Net Cube, Net Quad and Net Plaza, and prime office buildings in upscale Bonifacio Global City.

The buyer was SM Investment Corporation, the holding company of the Henry Sy-owned SM Group. The investment clearly marks the entry of the SM Group into office buildings in a special economic zone (Crescent Park). The purchase price was Php16.9 billion (approx. US$384 million).

The SyCipLaw team was composed of partner Mia G. Gentugaya, senior associate Melyjane Bertillo and associate Easter Princess Castro.