Philippines News: FREE

Get an edge on the Philippine Stock Market in this comprehensive tool for Filipinos and foreign investors.
Get it on Google Play

Saturday, October 25, 2014

Lucio Co holding firm acquires Laguna property for second community mall

The holding firm of businessman Lucio Co has acquired another property for its planned chain of community malls.

In a disclosure to the Philippine Stock Exchange, Cosco Capital Inc said its subsidiary Ellimac Prime Holdings Inc inked yesterday a deed of absolute sale to purchase a 3,192 square meter lot located at A. Mabini St., Poblacion in BiƱan, Laguna.

The newly secured land is the second site of Cosco's community mall after signing a lease contract last Monday for a property in Marikina.

It is also one of as many as four locations that Cosco intends to secure before yearend, allowing the firm to hasten the expansion of its community mall chain.

Cosco had said it plans to build 6-8 community malls in two to three years through organic expansion and acquisition. The commercial centers will carry the brand name Cosco with Puregold as the anchor tenant.

Early this year, Cosco acquired NE Pacific Shopping Centers Corp, the owner of NE Pacific Mall, the largest commercial area in Nueva Ecija.

Formerly Alcorn Gold Resources Inc, Cosco became the holding firm for Co's consumer-focused businesses after a P74.81-billion share-swap transaction. It has interests in retail through Puregold, liquor distribution, oil storage and real estate.

Likewise, Cosco completed the acquisition of Office Warehouse Inc and Liquigaz Philippines Corp to boost its non-food specialty retail business.

- Interaksyon

No comments:

Post a Comment