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Filinvest, Mitsubishi to develop mixed-use complex

A unit of Filinvest Development Corp. partnered with Mitsubishi Corp. to develop a mixed-used complex in Muntinlupa, Philippines, worth 15 billion pesos.

Mitsubishi will acquire a 40% interest in roughly 17,000 square meters of land in the commercial district of Alabang, held by Filinvest's subsidiary Filinvest Alabang Inc.. Through a joint venture company, the firms will develop a multitower, mixed-use complex including office and retail space.

The transaction is subject to the approval of Philippine Competition Commission.

As of Oct. 2, US$1 was equivalent to 52.04 Philippine pesos.