The Aboitiz and Yuchengco groups formed a partnership to develop and expand an industrial estate in Central Luzon.
Aboitiz Equity Ventures Inc. (AEV) said in a disclosure to the stock exchange Thursday the partnership would expand its 200-hectare TARI Estate by incorporating House of Investment’s 184-hectare adjacent property.
Yuchengco-owned real estate firm Tarlac Terra Ventures Inc. (TTVI) owns a 184-hectare property in Tarlac.
Under the agreement, HI will hold a 51-percent stake, while Aboitiz InfraCapital (AIC) will get a 49-percent ownership.
The two companies plan to develop and market the land for various mixed-use purposes, enhancing the overall ecosystem within the expanded TARI Estate.
AEV said the integration of HI’s 184-hectare mixed-use property would complement TARI Estate’s industrial core, offering a broader range of opportunities for industrial, commercial, and business activities within the estate.
The project aligns with AIC’s vision of creating a sustainable community hub in Central Luzon.
AIC and HI hope to create jobs and attract investments, driving local economic growth.
“This will be our first major venture into Economic Estates. We anticipate with pleasure the partnership with AIC, one of the leading industrial estate developers in the country. This joint venture will be an expansion of HI’s business interests into land development, diversifying our property portfolio,” said HI president Lorenzo Tan.
“We aim to provide long term value through flexible, sustainable, and forward-thinking real estate solutions,” Tan said.
AIC’s TARI Estate broke ground in May 2024. The company committed to investing P7 billion to develop the property. The estate is expected to generate 60,000 jobs with its initial 200-hectare development.
AIC Economic Estates is a leading developer of industrial-anchored mixed-use estates in the Philippines.
Aside from TARI Estate, its portfolio includes the 940-hectare LIMA Estate in Lipa-Malvar, Batangas; the 63-hectare Mactan Economic Zone 2 Estate in Lapu-Lapu City, Cebu; and the 540-hectare West Cebu Estate in Balamban, Cebu.
