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Manila Bulletin devider Business devider The Stock Market devider Yuchengcos, Aboitizes team up for Tarlac ecozone

Yuchengcos, Aboitizes team up for Tarlac ecozone

Published Oct 10, 2024 05:06 am

The Yuchengcos has teamed up with the Aboitizes for the joint development of an expanded Economic Estate in Tarlac through House of Investments and Aboitiz InfraCapital (AIC), respectively.

In a disclosure to the Philippine Stock Exchange, AIC said they are forging plans for a strategic partnership through Tarlac Terra Ventures, Inc. (TTVI).

Subject to finalization of the Definitive Agreement and corporate and regulatory approvals, this collaboration will expand AIC’s TARI Estate by incorporating HI’s 184-hectare adjacent property into the estate’s ongoing development.

AIC said this will allow the addition of mixed-use components that will complement its industrial and business offerings. Real estate company TTVI, owner of the 184-hectare property, is 100 percent owned by HI.

Under the terms of the agreement, HI will hold a 51 percent stake while AIC will maintain 49 percent.

Together, the two companies plan to develop and market the land for various mixed-use purposes, enhancing the overall ecosystem within the expanded TARI Estate.

The project is aligned with AIC’s long-term vision of creating a smart and sustainable community hub in Central Luzon. 

Through this partnership, AIC and HI are set to boost the regional economy by creating jobs and attracting local and foreign investments, ultimately driving sustainable progress in the locality.

“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. We aim to provide long term value through flexible, sustainable, and forward-thinking real estate solutions,” said HI President Lorenzo Tan.

AIC’s TARI Estate, which broke ground in May 2024, is poised to become a key economic driver in the region, with its initial 200-hectare development expected to generate 60,000 jobs. 

The integration of HI’s 184-hectare mixed-use property will complement TARI Estate's industrial core, offering a broader range of opportunities for industrial, commercial, and business activities within the estate.

"This partnership builds on the strong momentum we’ve already achieved, further enhancing investor interest and confidence in TARI Estate. 

“By leveraging our combined expertise, we are well-positioned to deliver a development that not only addresses the needs of businesses and communities but also strengthens the estate’s status as a premier destination for investment in Central Luzon," said AIC Economic Estates Head Rafael Fernandez de Mesa.

Strategically located in Central Luzon, TARI Estate benefits from the region’s robust economic development and growing infrastructure network, making it an ideal location for businesses and residents alike.

Related Tags

House of Investments Aboitiz InfraCapital Rafael Fernandez de Mesa Lorenzo Tan
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