Federal Land exits Crown Central Properties

Federal Land, Inc., the property arm of GT Capital Holdings, Inc., and its subsidiary Horizon Land Property Development Corp. have sold their combined 52% stake in Crown Central Properties Corp. to Crown Equities, Inc. for P73.48 million.

In a disclosure on Wednesday, Crown Equities said its board approved the transaction on Dec. 16, subject to agreed closing terms and conditions.

The deal covers 62.5 million shares from Federal Land, valued at P68.12 million, and 5 million shares from Horizon Land, valued at P5.37 million.

Crown Central Properties, a developer of residential and commercial projects, was previously a joint venture between Crown Equities and the FLI group. With the sale, Crown Equities now owns 100% of the company.—Alexandria Grace C. Magno