October 12, 2024 | 12:00am
MANILA, Philippines — The Aboitiz Group and the Yuchengcos have joined forces to further expand a massive economic estate in Tarlac City that is expected to produce about 60,000 jobs.
Aboitiz InfraCapital (AIC), the infrastructure arm of the Aboitiz Group, partnered with Yuchengco-led House of Investments to incorporate mixed-use components into AIC’s TARI Estate, a 200-hectare development in Central Luzon.
With this strategic deal, a 184-hectare adjacent property owned by HI subsidiary Tarlac Terra Ventures Inc. will be integrated into TARI Estate to complement its industrial and business offerings.
The integration is expected to offer a wider range of opportunities for industrial, commercial and business activities within the estate.
Under the terms of the agreement, HI will hold a 51-percent stake in the project, while AIC will take the remaining 49 percent.
Financial details of the deal, which is subject to finalization of the definitive agreement and corporate and regulatory approvals, were not immediately made available.
HI president Lorenzo Tan said the partnership marks the first major venture of the company into economic estates.
“This joint venture will be an expansion of HI’s business interests into land development, diversifying our property portfolio. We aim to provide long-term value through flexible, sustainable and forward-thinking real estate solutions,” Tan said.
Through this collaboration, both companies aim to boost the local economy by creating new job opportunities and driving domestic and foreign investments.
This project also aligns well with AIC’s long-term goal of establishing a smart and sustainable community hub in Central Luzon.
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