MVP Group allots P9.2B to build logistics facilities in Cavite
A unit of infrastructure conglomerate Metro Pacific Investments Corp. is spending P9.2 billion to acquire and develop a 202,000 square meter property in General Trias, Cavite into logistics and warehousing facilities.
The property was acquired by Metropac Movers Inc. (MMI) from The Property Company of Friends Inc. (ProFriends) for P1.2 billion, MPIC said in a statement.
The property, with a total cost of P1.2 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.
MMI has budgeted over P8 billion pesos to develop the property into 141,000 square meters of covered warehouse space as well as to purchase equipment to service its clients.
The purchase complements the 522 brand new trucks acquired by MMI in the 4th quarter of 2017 and existing leased warehouse space totalling 207,000 sqm across Luzon, Visayas and Mindanao.