Aboitiz, Yuchengco ink 184-ha property venture in Tarlac
A real estate unit of conglomerate Aboitiz Equity Ventures Inc. (AEV) has entered into a joint venture agreement with Yuchengco-led House of Investments (HI) to develop a 184-hectare (ha) property in Tarlac province to expand an existing estate.
AEV on Monday told the exchange Lima Land Inc., a wholly owned subsidiary of Aboitiz InfraCapital Inc. (AIC), would develop and manage the property with HI unit Tarlac Terra Ventures Inc.
HI will hold a majority 51-percent stake, while Lima will hold the remaining 49 percent as the exclusive provider of project management, estate operations and general support services.
According to AEV, the partnership will expand the existing Tari Estate to a total of 384 ha. It will integrate commercial, residential and institutional zones to complement the industrial core business.
This also marks the first major venture of HI—whose businesses include financial services, property, education and automotive—in the economic estates category.
“This joint venture will be an expansion of HI’s business interests in horizontal property development, diversifying our property portfolio,” HI president and CEO Lorenzo Tan said in a statement.
Tari Estate, which had officially broken ground in May 2024, also recently closed a 16-ha deal with a new locator. This adds to the turnover of a 42-ha parcel earlier this year, AEV said, adding that “multiple investors” were actively preparing for construction.
According to Lima president and head of AIC economic estates Rafael Fernandez de Mesa, they have so far sold over 70 percent of Tari Estate’s Phase 1 inventory, “secured major locators,” and are nearing full completion of initial development.
“This partnership allows us to scale that momentum, integrating mixed-use components that will further enhance the estate’s ecosystem,” De Mesa said.
Apart from Tari Estate, AIC’s portfolio of economic estates includes Lima Estate in Batangas province and MEZ2 Estate and West Cebu Estate in Cebu province.
