Dutch firm acquires stake in BPO property developer

Rock & Salt BV of the Netherlands has acquired a stake in Cebu Lavana Land Corp (CLLC), the new subsidiary of boutique building developer Arthaland Corp. CLLC was formed to develop a prime lot in Cebu aimed at the booming information technology and business process outsourcing (IT-BPO) sector. In a disclosure, Arthaland said Rock & Salt paid about Php42.3m for 214,351 common shares and 188,982 preferred shares of CLLC’s authorized capital stock. CCLC will develop two parcels of newly acquired prime land in Cebu City. The property measures about 8,440 square meters at the Cebu IT Park, home to a number of multinational IT-BPO companies. Rock & Salt B.V. is a private limited liability company with principal office in Amsterdam.