Close  

Arthaland, Mitsubishi Estate form joint venture

/ 05:02 AM August 14, 2019

Boutique property developer Arthaland Corp. has teamed up with Japanese real estate giant Mitsubishi Estate Co. Ltd. (MEC) to develop its two-tower office condominium hub Savya Financial Center in Arca South.

The two firms agreed to create a joint venture that would be 60 percent owned by Arthaland and 40 percent by MEC, according to Arthaland’s disclosure to the Philippine Stock Exchange.

ADVERTISEMENT

With a market capitalization of some $24 billion, MEC is one of the largest real estate developers in Japan with a substantial portfolio of properties mainly in the Marunouchi central business district of Tokyo. The deal with Arthaland will be MEC’s first venture in the Philippines.

The joint venture will in turn hold a 50-percent stake in Savya Land Development Corp. (SLDC), owner of a property in Arca South, Barangay Western Bicutan, Taguig City, which will be developed jointly with an adjoining property registered in the name of Arcosouth Development.

FEATURED STORIES

This development will become Savya Financial Center which will cater to the business process outsourcing (BPO) market and other locators. Under the terms of the partnership, Arthaland will take the lead in managing the operations of the project while MEC will offer its expertise to improve the project’s value.

The board approved the proposed merger of SLDC with Arcosouth, with SLDC as the surviving entity.

Launched in early 2019, construction is already underway for the Savya Financial Center—a premium office development with retail component.—DORIS DUMLAO-ABADILLA

Read Next
LATEST STORIES
MOST READ
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: ArthaLand, Business, Mitsubishi Estate
For feedback, complaints, or inquiries, contact us.


© Copyright 1997-2019 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.