Philippine-based property technology (proptech) unicorn Revolution Precrafted has entered North America with a $210-million deal in California while listed food firm Universal Robina Corporation has acquired sugar milling and refining assets.
Revolution Precrafted cracks N America with $210m California deal
Philippine-based unicorn developer Revolution Precrafted has sealed a $210-million contract to “ultra-high luxury” residential villages in San Bernardino Country, California, marking its official entry into the North American market.
In a statement, the company said, it has signed a deal with Imperial Heights LLC to supply limited edition villas with a minimum size of 450 sq m. Each villa will have five to six bedrooms in total and will be valued at $3.5 million apiece.
The villas will be built on a 24- acre property and will be part of the Imperial Heights Estates, a gated luxury residential development in the San Gabriel Mountains, San Bernardino County, California. The United States is the 17th international market for the company, which is embarking on a strategic global expansion.
“This is an important milestone for the company as we try to expand our global presence. We have finally broken through the United States, which is one of our primary target countries,” said Revolution Precrafted Founder and CEO Robbie Antonio.
Universal Robina acquires sugar milling, refining assets
Universal Robina Corporation (URC), the largest listed food company in the Philippines, announced that it will be acquiring the milling and refining assets of Central Azucarera Don Pedro Inc, a wholly-owned subsidiary of Roxas Holdings Inc, the largest integrated sugar producer in the country.
The deal, whose financial details were not disclosed, also includes land owned by Roxas Holdings on which the milling and refining assets are situated.
The transaction is currently still under review by the Philippine Competition Commission, the country’s antitrust watchdog.
URC, through its Sugar and Renewables Division, operates six sugar cane mills nationwide, producing raw sugar, refined sugar, and molasses.
In a separate statement, Roxas Holdings said the proceeds of the sale will be used to pare debt. The acquisition will also allow the company to focus on its operations in the province of Negros.