Gotianun family teams up with Japan’s Mitsubishi for P15B mixed-use estate in Alabang
A unit of Gotianun-led Filinvest Development Corp. has signed a deal with Japanese trading house Mitsubishi Corp. to jointly develop a multi-tower, office and retail complex in Alabang.
Under the joint venture agreement, Mitsubishi shall acquire a 40% interest in Filinvest Alabang Inc.’s almost 17,000 square meters of land located across the newly expanded Festival Mall and adjacent to the premier residential strip Parkway Avenue.
The project, which will require an investment of around P15 billion, will feature grade A office spaces to add around 183,000 square meters of gross leasable area to the booming central business district in Alabang.
It will have direct access to the much-anticipated Central Park, another crown jewel project of the Filinvest Group.
Closing of the transaction is subject to the satisfaction of certain conditions, including obtaining approval from the Philippine Competition Commission.
“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 Catherine Ilagan, president of FAI.