Filinvest Alabang Inc. of the Gotianun Group is teaming up with Japan’s Mitsubishi Corp. to build a P15-billion, multi-tower mixed-use project within Filivest City in Alabang.
Parent Filinvest Development Corp. said in a disclosure to the stock exchange Mitsubishi would acquire a 40-percent interest in the 17,000-square meter development featuring Grade A office spaces with retail component.
The closing of the transaction is subject to the satisfaction of certain conditions, including obtaining approval from the Philippine Competition Commission, the government’s anti-trust body.
FDC said the project was estimated to cost P15 billion and would add approximately 183,000 sq. m. of mixed-use gross leasable area to the booming central business district in Alabang.
FDC said FAI and Mitsubishi were set to bring in their expertise and experience in the fields of construction, operations and management and urban development to create their first shared innovative landmark.
“We are very pleased to enter into an agreement with Mitsubishi Corporation and we are looking forward to this partnership. We are optimistic that our synergy will bring forth another first-of-its-kind development that will complement the growth and vision of Filinvest City,” said FAI president Catherine Ilagan.
FAI is a subsidiary of FDC that is focused on mixed-use urban developments in Metro Manila using modern and ecological urban planning and design. It is currently developing the 244-hectare Filinvest City.
FAI is 80 percent owned by FDC and 20 percent held by Filinvest Land Inc.
The project is the third joint venture partnership of Mitsubishi with a local property developer.
Mitsubishi earlier teamed up with Century Properties Group Inc. to develop affordable housing projects.
Arthaland Corp. in August formed a joint venture partnership with Japan’s Mitsubishi Estate Company Ltd. to develop a two-tower office project within MEC Arca South in Taguig City under the agreement is acquiring a 40-percent interest in Arthaland’s Savya Land Development Corp., which is developing Savya Financial Center, a premium mid-rise office project that will cater to the business process outsourcing market and other locators.