ARTHALAND CORP. on Tuesday said SEAI Metro Manila One, Inc. (SEAIMMO), a wholly owned unit of Mitsui Fudosan (Asia) Pte. Ltd., is acquiring a 40% stake in Zileya Land Development Corp. for P724.83 million.
In a stock exchange disclosure, the property developer said its board approved the joint venture and investment agreement between its subsidiary Zileya and SEAIMMO.
The partnership covers the development, construction and sale of a residential condominium project along Arnaiz Avenue in Legaspi Village, Makati City.
Arthaland said the transaction is still subject to the fulfillment of closing conditions under the definitive agreement.
SEAIMMO’s parent, Mitsui Fudosan Co., Ltd., is one of Japan’s biggest real estate developers and is listed on the Tokyo Stock Exchange.
Arthaland, a boutique property developer, focuses on sustainable residential, commercial and leisure projects.
The company posted an attributable net income of P210.05 million in the first half, down 23% year on year, as gross revenue slipped 14% to P2.21 billion.
