Ayala Land, AboitizLand in talks for joint venture

CEBU, Philippines - Ayala Land, Inc. and AboitizLand Inc. jointly announced that they agreed in principle to enter into a 50% - 50% joint venture for the development of properties in Cebu. "We are excited about the prospect of entering into this joint venture and gaining a well-established and strong partner in Cebu such as AboitizLand," said ALI president and CEO Antonino T Aquino. "This is consistent with our growth strategy of establishing more developments in the major urban areas of the country, Cebu being one of the most progressive metropolitan areas in the Philippines." From AboitizLand, Inc. president and CEO Andoni Aboitiz, "We welcome this opportunity to work with Ayala Land. Partnering with the country's premier developer, who we believe shares our vision of creating long term value for the Cebu community, is a strategic step in an increasingly competitive environment." This joint venture will generate synergies by combining the local knowledge and experience of AboitizLand in developing diverse real estate products in Cebu with Ayala Land's expertise in building a full range of real estate formats including large scale, integrated, and mixed use communities.