Makati group formed
A 19-MEMBER consortium, led by First Pacific Group company subsidiary Metro Pacific, has finalised the structure of the firm that will co-redevelop the 214-hectare former Fort Bonifacio military site on the edge of Manila's Makati financial district.
The group won a 39 billion peso (about HK$12.48 billion) auction last month to co-development with huge former military base into a modern mixed commercial and residential district.
Under the agreed capital structure, Metro Pacific and two subsidiaries, Metro Pacific Land Holdings and Landco Asset Management, will hold 25 per cent of the joint venture development company, to be named Bonifacio Land Corp.
It will contribute 3.3 billion pesos, the Securities and Exchange Commission of the Philippines was told.