Aboitiz Group’s Lima Land, Inc. has inked a joint venture (JV) agreement with House of Investments (HI), the Yuchengco family’s listed holding firm to develop TARI Estate in Tarlac.

The two groups will develop and manage HI subsidiary, Tarlac Terra Ventures, Inc.’s 184-hectare mixed-use property and expand Lima Land’s TARI Estate to 384 hectares, the Aboitiz group’s listed holding company

The Aboitiz Group’s holding company, Aboitiz Equity Ventures, Inc. (AEV) said on Monday that under the JV, HI will hold a 51% stake in the project while LIMA Land will hold 49 percent even as the latter serves as exclusive provider project management, estate operations and general support services for the site.

LIMA Land is a subsidiary of the Aboitiz group’s infrastructure arm Aboitiz InfraCapital, Inc. (AIC), while HI is the non-bank holding company of the Yuchengco Group of Companies.