Filinvest Land, Inc. (FLI) has completed the P1.16 billion buy out of its partner in Cyberzone Properties Inc. (CPI) and Filinvest Africa-Israel Properties Inc. (FAPI).

In a disclosure to the Philippine Stock Exchange (PSE), FLI said it has acquired the 40 percent interest of Africa-Israel Properties (Philippines), Inc. in CPI as well as the 40 percent interest of Africa-Israel Investments (Phils.), Inc. in FAPI for P780 million and P383.2 million, respectively.

The approved acquisition price for the FAPI shares was computed at company’s book value per share while CPI share price was computed at a premium of 8.79 percent over the company’s book value as of September 30, 2009.

FLI now owns 100 percent of CPI and FAPI. CPI owns and operates the BPO offices in Northgate Cyberzone in Alabang, Muntinlupa while FAPI is developing the Timberland Sports and Nature Club and approximately 50 hectares of land comprising Phase 2 of FLI’s Timberland Heights township project in San Mateo, Rizal.

The sale by Africa-Israel of its interests in the two companies is part of the group’s global portfolio rebalancing and consolidation activity.

FLI said its acquisition of Africa-Israel’s interests in the two companies will enable FLI to consolidate its share in the strong and stable recurring revenue streams from the two companies as well as provide incremental development potential to FLI’s existing revenue streams.

The Africa-Israel Group invests internationally in equities, fixed income, foreign exchange, commodities, alternative investments, real estate and private equity.