GT Capital completes acquisition of PH housing firm Pro-Friends

Visual from the company website

Listed Philippine company GT Capital Holdings Inc has completed the acquisition of 22.68 per cent stake in Property Company of Friends Inc (PCFI) (Pro-Friends), a low-cost local housing developer.

The conglomerate earlier informed the stock exchange that it has finalized the deal with the fulfillment of all closing conditions. It purchased shares up to $154.6 million (P7.24 billion) priced at P398.1 apiece.

“GT Capital has the option to increase its direct shareholding in PCFI to 51 per cent within the next three years,” the company said.

Also read: PH real estate firms Federal Land, Alveo sign JV for development of residential project

All parties have agreed to cede majority control of Pro-Friends to GT Capital.

The acquisition is line with GT Capital’s goal to be a leader in the low-cost housing sector.

Federal Land Inc, a real estate subsidiary of GR Capital, recently said that the tie up will be a fusion of all property sub-segments. The latter is now gearing  to offer its upper-mid to high-end vertical projects and Pro-Friends’ low-cost horizontal and mixed-use townships in key areas near Metro Manila.

Also read: Philippines’ Filinvest Land raises $171.3m via new bonds listings

For the past 16 years, Pro-Friends has built and sold over 36,000 affordable homes in the provinces of Cavite and Iloilo.

Meanwhile, GT Capital’s component companies include Metropolitan Bank & Trust Company (Metrobank), Toyota Motor Philippines Corporation (TMP), Toyota Manila Bay Corporation (TMBC), Toyota Cubao Inc (TCI), Toyota Financial Services Philippines Corporation (TFS), Global Business Power Corporation (GBPC), Federal Land, Inc. (Federal Land), Philippine AXA Life Insurance Corporation (AXA Philippines), and Charter Ping An Insurance Corporation (Charter Ping An).

The conglomerate’s last trading price decreased 10.05 per cent or P127.00 to close at P1,137.00.

Also read:

PH co GT Capital raises $222m in block share sale

Profriends Group holds off IPO pricing 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.