MANILA, Philippines — GT Capital Holdings Inc., through its subsidiary Property Company of Friends (ProFriends), sold a property in Cavite to MetroPac Movers Inc.
MetroPac Movers is a subsidiary of Metro Pacific Investments Corp. (MPIC), which has a strategic alliance with GT Capital.
In a disclosure Monday, GT Capital said it signed definitive agreements with MetroPac Movers for the sale of 202,110 square meters of land in General Trias, Cavite for P5,025.00 per square meter, exclusive of VAT or a total consideration of P1.01 billion.
MetroPac Movers continuously expands to capitalize on the growing logistics sector in the country.
In May last year, MPIC made its foray in logistics and invested P2.2 billion to acquire the business and assets of a group of logistics service providers including Basic Logistics Inc., a local mid-sized company.
MPIC continues to be on the lookout for companies in the core logistics business including last mile companies.
A last mile company refers to a service provider that is able to bring goods to their final destination. This last leg of the supply chain is often the most tedious and less efficient and comprises 30 percent of the total cost to move goods.
MPIC earlier said it would invest an additional P5 billion to acquire existing companies in the logistics business.