BDO fully owns The Podium’s office tower, mall

BDO Unibank Inc. on Wednesday said it completed purchase of equities of Keppel Group in SM Keppel Land Inc. to fully develop and operate the office and commercial properties at The Podium West Tower and The Podium Mall in Ortigas Center, Mandaluyong City.

In a disclosure to the Philippine Stock Exchange, BDO announced it bought a 50 percent stake of the Keppel Group in SM Keppel Land.

Keppel Group in its own disclosure said it sold 174,328,000 common shares and 29,121,200 redeemable preferred shares to BDO on 22 December.

"This divestment is in line with Keppel's Vision 2030 asset monetization plans to unlock capital which can be channeled towards new growth opportunities," Keppel Group said.

"By this acquisition, BDO now fully owns The Podium Complex," BDO said.

BDO already occupies 63 percent of The Podium's office tower, while the mall features 50,000 square meters of leasable area. 

Keppel Group consists of Opon-KE Properties Inc. and Keppel Philippines Properties Inc. which develops mixed-use projects.

Both firms are owned by Singapore's Keppel Corporation, a conglomerate serving as global asset manager and infrastructure developer of clean energy and digital connectivity.

As to BDO, it is led by the Sy family who owns SM Malls, condominium projects and hotels.