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Filinvest Land Inc. plans to increase its stake in two property firms. The property unit of business tycoon Andrew Gotianun, in its disclosure to the Philippine Stock Exchange, said that its board approved the purchase of the 40% stake of Africa-Israel Properties Philippines Inc.  in Cyberzone Properties Inc.  (CPI) and the 40% interest of Africa-Israel Investments (Philippines) Inc. in Filinvest Africa-Israel Properties Inc.  (FAPI) for P780 million and P383 million, respectively.

At present Filinvest Land owns 60 percent of the two companies. The acquisition will bring the firm’s interest in the two companies to 100%.

Africa-Israel Investment Philippines, the local unit of Africa-Israel Investment Ltd., is an Israeli listed company. It’s selling its holdings as part of the company’s global consolidation plan.

FAPI is the developer of Timberland Nature and Sports Club, which is approximately a 50-hectare land comprising the second phase of Timberland Heights project. The Timberland Heights is a 677-hectare township project in San Mateo Rizal.

Cyberzone Properties, on the other hand, owns and operates 10 information technology buildings with a gross leasable area of 94,146 square meters in Northgate Cyberzone in Filinvest Corporate City in Alabang.

“The approved acquisition price for the FAPI shares was computed at the company’s book value per share, while the CPI share was computed at a premium of 8.70% over the company’s book value as of September 30, 2008,” FLI said.

“The sale is subject to the final agreement of the terms and conditions by the parties and conditioned, among others, on the seller’s delivery to Filinvest Land of certain required documents for closing,” the company added.

The property firm noted, “The acquisition of Africa-Israel’s interest will enable FLI to consolidate its shares in the strong and stable recurring revenue stream from the two companies as well as provide incremental development potential to the FLI’s existing revenue stream.”