MVP buys George Ty’s 20-hectare Cavite property for logistics expansion
Logistics firm Metropac Movers Inc. (MMI) will spend over P8 billion to develop a property it is acquiring in General Trias, Cavite into a massive warehousing facility in a bid to enhance efficiency in transportation of goods in the country.
The wholly-owned subsidiary of infrastructure conglomerate Metro Pacific Investments Corp. (MPIC) said it signed on Monday a deal with The Property Company of Friends, Inc. (ProFriends) of bilyonaryo George Ty to purchase several adjacent parcels of land with an aggregate size of 202,000 square meters.
MPIC is managed by bilyonaryo Manny V. Pangilinan.
?The property, with a total cost of PHP1.2 billion, will be used by MMI to develop and manage distribution centers for its existing and potential clients in the fast moving consumer goods, consumer durables, automotive and e-commerce spaces,? MPIC said in a disclosure to the Philippine Stock Exchange.
MPIC said its subsidiary would develop the property into a 141,000-square-meter covered warehouse space and will also purchase the equipment to service its clients.
The acquisition complements the 522 brand new trucks acquired by MMI last year and existing leased warehouse spaces across Luzon, Visayas, and Mindanao.
The company also plans to buy land in Bulacan, which it would utilize to build a logistics firm in the country.
?It will fulfill a much needed function in today?s fragmented logistics market where resources to efficiently track and deliver goods to all parts of the Philippine archipelago are still lacking,? it said. (PNA)