The Philippine Competition Commission (PCC) said it has approved the planned joint venture between Mitsubishi Corp. and Filinvest Alabang Inc. to develop upscale mixed-used projects in Alabang, Muntinlupa City.
The PCC said the transaction forming Spectrum Alabang Properties Inc. will “not likely result in substantial lessening of competition in the Grade-A office space and retail markets in the southern business district, given the sufficient number of other market players in and outside of Alabang area that compete with the parties.”
As part of the plan, Mitsubishi will acquire a 40 percent stake in Filinvest Alabang to develop and manage the latter’s 16,928-square meters of land. The property forms part of Filinvest City, a 244-hectare mixed-use estate in the Alabang.
Filinvest Alabang is a subsidiary of Filinvest Development Corp. (FDC) and was specifically incorporated to develop Filinvest City in joint venture project with the Philippine government.
The Alabang subsidiary of FDC is 80 percent owned by FDC and 20 percent owned by Filinvest Land Inc.
FDC owns interests in property, banking services, infrastructure, sugar and power
The Mitsubishi Group meanwhile is known for its automotive and mobility business, its global portfolio covers various industries, including automotive and mobility, natural gas, industrial materials, petroleum and chemicals, mineral resources, industrial infrastructure, food industry, consumer industry, power solution, manufacturing, and urban development.