Listed conglomerate GT Capital Holdings, Inc. has acquired a 20 percent stake in Federal Land NRE Global Inc. (FNG) — a joint venture between Federal Land, Inc. and Japan’s Nomura Real Estate Development Co., Ltd. — for P9.16 billion to expand its presence in property developments.
The company told the stock exchange on Tuesday that the transaction covers 91.61 million of Federal Land’s shares in FNG at P100 each, with full payment to be made upfront.
Deeper strategic alignment
“The transaction reinforces GT Capital’s commitment to institutional synergy with FNG, for the enhancement of its projects. Through deeper strategic alignment, we can ensure better operational efficiency and overall performance for the benefit of FNG’s customers and tenants,” GT Capital Treasurer and chief financial officer George S. Uy-Tioco, Jr.said.
FNG holds land across Cavite, Pasay, Mandaluyong, and Cebu, with a mix of vertical projects, such as The Observatory in Mandaluyong, and horizontal communities, including Yume at Riverpark in General Trias.
Last year, it sold out the first tranche of Riverpark commercial lots, planned for office, retail, and mixed-use development.
Largest UNIQLO warehouse in SEA at Riverpark North
At Riverpark North, FNG will host the UNIQLO Logistics Facility, the largest UNIQLO warehouse in Southeast Asia at 3.5 hectares, set to open in the first half of the year and create up to 400 jobs.