Gotianuns, Mitsubishi to jointly develop new P15 billion Filinvest City complex

MANILA, Philippines — The Gotianun family is partnering with Mitsubishi Corp., a global business enterprise, for the development of a portion of Filinvest City in Alabang into a mixed-use property with an investment of P15 billion.

In a disclosure yesterday, Filinvest Development Corp., the conglomerate of the Gotianun Group, said its subsidiary Filinvest Alabang Inc. (FAI) is the proponent of the project.

Under the agreement, Mitsubishi will acquire a 40 percent interest in FAI’s almost 17,000 square meters of land at the heart of Filinvest City.

The parties will jointly develop the property as a multi-tower, mixed-use complex through a joint venture company.

The project will add 183,000 square meters of mixed-use gross leasable area in the central business district in Alabang.

FAI and MC are 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.

From left to right: Catherine Ilagan, President and Chief Operating Officer of Filinvest Alabang Inc; Josephine Gotianun-Yap, Chief Executive Officer and Chairman of the Board of Filinvest Alabang Inc; Kenichi Kumemoto, Head of Urban Development Division, Mitsubishi Corporation Manila Branch; Masahiro Nagaoka, General Manager for Asia Real Estate Development of Mitsubishi Corporation

“We are very pleased to enter into an agreement with Mitsubishi Corp. 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.

The new project is envisioned to be a landmark development that will feature grade A office spaces complemented with impressive retail concepts in the area.

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

The project is strategically located in Filinvest City, Alabang. Specifically, the new mixed-use development would be situated across the newly expanded Festival Mall and adjacent to the premier residential strip Parkway Avenue.

FAI is a subsidiary of Filinvest Development Corp., focusing on mixed-use urban developments in Metro Manila using modern and ecological urban planning and design.

It was incorporated on Aug. 25, 1993 for the development of the massive 244-hectare Filinvest City, a joint venture project with the Philippine government. FAI is 80 percent owned by FDC and 20 percent owned by Filinvest Land Inc. (FLI).

Mitsubishi, meanwhile, is a global corporation that operates across various industries. These include natural gas, industrial materials, petroleum & chemicals, mineral resources, industrial infrastructure, automotive and mobility, food and consumer industries.

Source:  https://www.philstar.com/business/2019/10/04/1957169/gotianuns-mitsubish...