Dennis Uy sells Clark BPO complex to foreign fund manager


Dennis A. Uy’s Udenna Land has sold an office complex in Clark Global City, Pampanga as the businessman tries to raise more funds to pay off the debts of his heavily indebted conglomerate.

In a statement, Aeropark Development Philippines, Inc. (ADPI), a special purpose vehicle owned by funds managed by CarVal Investors, said it has invested in West Aeropark, a five-building development with a combined gross floor area of ​​142,000 sqm. .


West Aeropark was previously owned by Udenna Land’s Global Gateway Development Corporation (GGDC) and was sold for an undisclosed amount.

“We are excited about the opportunities we see in the Philippines and look forward to helping fund business growth and development,” said Nimrod Wei, Managing Director of CarVal Investors.

He added, “As the country moves towards a post-pandemic recovery, we believe West Aeropark holds great promise, particularly in the IT-BPO sector, which has begun to rebuild its on-premises footprint. The BPO industry needs highly sustainable workspaces with superior infrastructure, transportation access, and expansion potential to support its rapid growth.

Aeropark West

Several of West Aeropark’s commercial towers have been completed and partially leased, while a few towers are still under construction.

All five towers have achieved pre-certified Gold status under Core & Shell’s Leadership in Energy and Environmental Design (LEED) certification.

“Even at the height of the pandemic, when most companies resorted to cost-cutting measures, international companies continued to grow their presence in the Philippines,” said Evan McBride, Managing Director and Principal of SofCap. Partners.

He noted that “With West Aeropark, we are able to offer sustainable and disaster-resistant spaces to global leaders in technology, financial services, business process outsourcing and other business entities looking to settle in Clark. ADPI is the local special purpose vehicle owned by funds managed by CarVal Investors, an established global alternative investment manager focused on distressed and credit-intensive assets.

Since 1987, the CarVal team has navigated the ever-changing credit market cycles, opportunistically investing $135 billion in 5,630 deals across 82 countries.

CarVal/ADPI is the largest and majority investor in the West Aeropark transaction. This transaction is the result of a collaboration between CarVal/ADPI and SofCap Partners, a growth capital investment firm based in the Philippines.

SofCap will manage the assets of West Aeropark. CarVal/ADPI and SofCap worked closely with Udenna’s GGDC and its existing bank lenders to complete the transaction.

“The proceeds of the transaction will ultimately support Udenna’s ongoing liability management exercise,” the statement said.

Under the mandate of the government’s Bases Conversion and Development Authority (BCDA), Clark Global City is poised to become the next great metropolis and West Aeropark is one of its flagship developments.

It is home to several global Business Process Outsourcing (BPO) tenants that cater to many multinational companies.

Clark Global City’s prime location next to Clark International Airport, high-quality infrastructure, a large labor pool and a less congested alternative to Manila, are among the key selling points for the Global BPOs.




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