Gotianun family further expands FilREIT’s portfolio with the addition of Boracay property, asset value to rise to P49.5B

Filinvest Development Corp., the holding company of the Gotianun Group, has approved the sale of nearly three hectares of land in Boracay, Aklan to its real estate investment trust unit for P1.05 billion.

ALSO READ: Lower earnings from banking unit weigh on Gotianun holding firm’s bottomline

In a regulatory filing, FDC said its board approved the disposition of three parcels of land with a total area of 29,086 square meters in Boracay, in favor of Filinvest Reit Corp. (FILRT).

The land is being leased by Boracay Seascapes Inc., the owner and operator of Crimson Resort & Spa Boracay, which was recently awarded Best for Families in the Conde Nast Johansen Awards for Excellence for 2023.

The acquisition marks the first asset infusion of FILRT after its IPO in August last year and increase the company’s total value to P49.5 billion.

FILRT president Maricel Brion-Lirio said the Boracay property would directly contribute to the company’s income starting January 2023 in addition to the earnings generated by the company’s existing 17 buildings.

In terms of size, FILRT’s portfolio will expand by 29,086 sqm or by 10 percent to hit 330,448 sqm of gross leasable area.

Situated in Station zero which is the island’s most exclusive location, Crimson Resort & Spa Boracay features 192 keys, including 23 pool villas, a grand ballroom, four food and beverage outlets, and other famed amenities.

Putin ally joins tech giant Yandex

A long-time ally of President Vladimir Putin, Alexei Kudrin, said Monday he will be joining Yandex as the Kremlin seeks to tighten its grip on Russia’s top technology giant.