AYALA Land Inc. (ALI) said on Tuesday it had received approval from the Philippine Competition Commission (PCC) to buy out the stakes of Aboitiz Equity Ventures Inc. (AEV) and Aboitiz Land Inc. (AboitizLand) in a joint venture company, Cebu District Property Enterprise Inc. (CDPEI).
CDPEI was set up in 2014 to engage in real estate development, specifically to develop the proposed 17.5-hectare Gatewalk Central Superbloc mixed-use estate in Mandaue City, Cebu.