SM Investments acquires 5 BPO buildings in the Philippines

By VCPOST Staff Reporter

Dec 03, 2013 03:19 AM EST

SM Investments Corp (SMIC) has completed the acquisition of five business process outsourcing (BPO) infrastructures in Bonifacio Global City. In a disclosure, the mall and banking conglomerate said the deal marked the biggest office space acquisition so far for the company. This was according to a report published by ABS-CBN News.

SMIC said, "SMIC (yesterday) completed its acquisition of the entire equity interests of CPI Asia Ten B.V. in 10 corporations. The final purchase price shall be fixed pursuant to a pricing process agreed upon between the parties."

The newly-acquired firms own five BPO buildings spanning 145,000 square meters in total of gross leasing area. The said properties include the Net One Center, Net Cube, Net Plaza, Net Square, and Net Quad, the report detailed.

Aside from office spaces, SMIC has five other core businesses. These include retail (SM Retail Inc), banking (BDO Unibank Inc and China Banking Corp), malls (SM Prime Holdings Inc), hospitality (SM Hotels and Conventions Corp), and property (SM Development Corp), ABS-CBN News reported.

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