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Udenna Corporation expands property business via Clark Global City acquisition

The Udenna Group is expanding its real estate portfolio with the strategic acquisition of a 177-hectare prime property development within the Clark Freeport Zone.

Clark Global City Corporation (“CGCC”), a wholly owned subsidiary of Udenna Development Corporation (Udevco), has​ ​successfully acquired the entire outstanding capital stock of Global Gateway Development Corp. Holdings. The property will be rebranded as “Clark Global City,” where locators will enjoy, among others, the benefits of the tax privileges of the Freeport zone, easy access to the SCTEX/NLEX interchange, proximity of the Clark International Airport, and anchor projects such as Medical City and 52,000 square meters of premium office spaces which are ready for occupancy.

On October 19, 2017, the Philippine Competition Commission, the government institution that is mandated to review mergers and acquisitions worth at least 1 Billion Pesos to protect the rights of consumers, approved the acquisition by Udevco. CGCC completed the acquisition last Nov. 14, 2017 with Bank of China, BDO and PNB as its financial partners.

Udenna envisions the master-planned development as a modern and sustainable business and transportation hub leveraging on its proximity to the Clark International Airport and to the Subic Freeport Zone. It is foreseen to be the center of business in Central Luzon and nearby areas.  With a GDP of 9.5%, the area posted the third fastest growth in 2016.  Clark Global City will complement the government’s ongoing efforts to decongest Metro Manila.

According to Atty. Adel Tamano, Vice-President for Corporate Communications of Udenna, “we see the development as another venue for synergistic growth of our diverse business interests, from oil and gas (Phoenix Petroleum), to shipping and logistics (Chelsea Shipping and 2Go), to retail (FamilyMart), offering end-to-end solutions to our clients. Not to mention education (Enderun) and soon, hospitality (The Emerald Resort Hotel and Casino).”

“Through this strategic acquisition, aligned with our business plans, we aim to support the country’s business process outsourcing (BPO), logistics, manufacturing, tourism and housing sectors,” Atty. Tamano said.

About Udenna Corporation
Udenna Corporation was incorporated in the Philippines on March 19, 2002. The Udenna Corporation is comprised by a dynamic group of companies engaged in diverse businesses including, among others, petroleum and oil (Phoenix Petroleum), shipping and logistics (Chelsea Shipping and 2Go), real estate and property development (Udevco), education (Enderun), and convenience stores (Family Mart).Phoenix Petroleum Philippines Inc. and Chelsea Shipping are publicly listed in the Philippine Stock Exchange.