Philippine joint venture Ayala-Tantoco has sold its department store retail assets to a newly listed company.
Specialty Retailers (SIAL), a joint venture of Ayala Land (Ayala) and SSI Group, has sold the Wellworth department store retailing assets in Fairview Terraces Mall and UP Town Center Mall to local retailer Metro Retail Stores Group (Metro).
Under the deal, Gaisano-led Metro is set to expand its network of department stores in these two locations by a combined total gross floor area of around 25,000 sqm.
Ayala and SSI have been focusing on convenience store joint enterprise since 2012 when they entered the convenience store business by bringing Japanese retailing chain FamilyMart to the Philippines.
SIAL is owned 50 per cent each by Ayala and SSI. It sold only the assets and will retain the Wellworth brand.
Metro is the largest department store and hypermarket operator in the Visayas region and is an anchor tenant in some of Ayala’s commercial developments, such as Market!Market! shopping mall in Manila.