MANILA, Philippines - First Philippine Holdings Corp. (FPHC) of the Lopez family has acquired a new property in Batangas to beef up its industrial park operations.
In a disclosure to the Philippine Stock Exchange, FPHC said it topped the auction for a 46-hectare property located at the Philtown Industrial Park in Tanauan, Batangas.
The property, which was previously owned by Brilliante Realty Corp. and Mitsubishi Motors Philippines Corp., consists of “land and improvements.”
“FPHC has been advised that it has been selected as the winning bidder in the private bidding for the property...with a total area of 464,961 square meters. This will be subject to the parties’ negotiation of, and final agreement on, the transaction documents,” the holding firm said.
FPHC disclosed last month that it participated in the private bidding for the property.
The Lopez-led firm, through subsidiary First Philippine Industrial Park, operates an industrial park in Santo Tomas, Batangas.
FPHC has strategic initiatives in manufacturing and property development but its major business is in power generation and distribution.
The company operates the power business through units Energy Development Corp. and First Gen Corp.
FPHC is also into property development through Rockwell Land Corp., a listed premier property developer of residential and commercial projects catering to the high-end and upper-mid markets mainly in Metro Manila.