THE ABOITIZ Group’s Lima Land, Inc. is entering into a joint venture (JV) agreement with the Yuchengco group’s listed holding company House of Investments, Inc. (HI) to expand the TARI Estate in Tarlac.
Under the JV, the two groups will develop and manage a 184-hectare mixed-use property owned by HI subsidiary Tarlac Terra Ventures, Inc. that will expand Lima Land’s TARI Estate to 384 hectares, the Aboitiz group’s listed holding company Aboitiz Equity Ventures, Inc. (AEV) said in a statement on Monday.
HI will hold a 51% stake in the expansion project, while LIMA Land will hold 49%. LIMA Land will also serve as the exclusive provider of 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.
The agreement, approved by the boards of AIC and HI on Aug. 8, is still subject to regulatory approvals, including clearance from the Philippine Competition Commission and the Securities and Exchange Commission.
“This will be our first major venture into Economic Estates. We look forward to the partnership with AIC, one of the leading industrial estate developers in the country,” HI President and Chief Executive Officer (CEO) Lorenzo V. Tan said.
“This joint venture will be an expansion of HI’s business interests in horizontal property development, diversifying our property portfolio. We aim to provide long-term value through flexible, sustainable, and forward-thinking real estate solutions,” he added.
Once fully developed, the expanded TARI Estate is expected to generate more than 60,000 jobs for Northern and Central Luzon.
TARI Estate officially broke ground in May 2024. It recently closed a 16-hectare deal with a new locator, adding to a series of transactions over the past year, including the turnover of a 42-hectare parcel earlier this year. Multiple investors are now actively preparing for construction.
“This partnership allows us to scale that momentum, integrating mixed-use components that will further enhance the estate’s ecosystem. Together, we are creating a dynamic platform for inclusive growth — where industries thrive, investments translate into real progress, and communities benefit from long-term economic opportunity,” LIMA Land President Rafael Fernandez de Mesa said.
“What began as a bold vision is now a tangible reality — we’ve sold over 70% of our Phase 1 inventory, secured major locators, and are nearing full completion of initial development,” he added.
On Monday, AEV shares fell by 3.23% or 95 centavos to P28.50 per share, while HI stocks rose by 2.34% or eight centavos to P3.50 apiece. — Revin Mikhael D. Ochave