MANILA - Lucio Tan-owned Eton Properties Philippines Inc. has purchased a prime property from affiliate Paramount Land Equities Inc. in a P4-billion asset-for-share agreement.

In a disclosure to the Philippine Stock Exchange, Eton said it will issue 1.6 billion shares from its authorized capital stock in exchange for the 12-hectare Quezon City property of Paramount, another Tan-controlled company.

The shares will be issued at P2.50 each, representing a P0.17 premium over the 3-month average trading price of the shares, and a P1.50 premium over Eton's par value per share.

At the close of the transaction, Paramount will become Eton's majority shareholder, with a 55% interest. The stake of Tan's Saturn Holdings will drop to 44% from 94%.

The property, located at the corner of Edsa and Quezon Avenue, is currently being developed by Eton into a mixed-use complex called Eton Centris.

Eton Centris is master-planned to be a fully integrated township project with direct link to railway transport system. It will feature mid- to high-end residential condominiums, office buildings, and commercial and retail components.

A 12-storey office building catering to business process outsourcing companies is now operational in the area. Among the tenants are Unisys, Bluestream and Wipro.

Aside from Eton Centris, Eton is also developing several projects such as Eton City, a 1,000-hectare township project in Sta. Rosa, Laguna; Eton Emerald Loft, a residential condominium in Ortigas; and Eton Baypark Manila, a residential project in Manila.