Mitsubishi, Filinvest forge 115-B joint venture

By BJyaJmAMesESAA. L. LoOyYoOlaLA

Mitsubishi Corporation is acquiring a 40 percent stake in a 1.7 hectare lot owned by Filinvest Alabang, Inc. (FAI), a subsidiary of Filinvest Development Corporation (FDC), for the joint development of a 115-billion mixed-use project.

In a disclosure to the Philippine Stock Exchange, FDC said FAI has signed a joint venture agreement with Mitsubishi for the lot in Filinvest City, Alabang.

FDC said the parties will develop the property as a multitower, mixed-use complex, through a joint venture company.

“This new project is envisioned to be another prestigious development that will feature grade A office spaces complemented with impressive retail concepts in the area,” FDC said.

Closing of the transaction is subject to the satisfaction of certain conditions precedent, including obtaining approval from the Philippine Competition Commission.

Strategically located at one of the finest blocks in Filinvest City, this new mixed-use development will be situated across the newly expanded Festival Mall and adjacent to the premier residential strip Parkway Avenue.

With the ongoing enhancement of Filinvest City, the project will also have direct access to the much-anticipated Central Park, which is another crown jewel development.

An estimated 115 billion has been earmarked for the project development cost, and it is anticipated to add approximately 183,000 square meters of mixeduse gross leasable area to the booming central business district in Alabang.