SM GROUP’S consolidation of its real estate assets has gained ground, according to separate disclosures yesterday. 

SM Land, Inc., a private held company of the Sy family, on Aug. 2 completed acquisition of SM Development Corp. (SMDC) and Highlands Prime, Inc. via exchange of shares in SM Prime Holdings, Inc. SM Land owns around 40% of SM Prime. SM Land, in a tender offer that ran from June 4 to Aug. 2, bought an additional 33.72% stake in SMDC and 99.85% of Highlands Prime. 

Prior to the tender offer, SM Land had a 65.18% stake in SMDC. Three block sale transactions totaling to P64.05 billion related to the tender offer were executed yesterday, the bourse said in a memorandum on Its Web site.