Commission Decision No. 11-M-008/2018
Joint Venture between Robinsons Land Corporation and Shang Properties, Inc.
The proposed transaction is a joint venture between Robinsons Land Corporation and Shang Properties, Inc. to develop the 9,118-square meter property of Robinsons Land Corporation located at McKinley Parkway corner 5th Avenue, Bonifacio Global City, Taguig. The development will feature two luxury residential condominium, with the potential of converting a portion of the development into serviced apartments and commercial spaces (Project).
Robinsons Land Corporation (RLC) is a publicly-listed corporation duly organized and existing under and by virtue of the laws of the Republic of the Philippines. It is considered as the real estate investment arm of JG Summit Holdings, Inc. On the other hand, Shang Properties, Inc. (SPI) is a publicly listed real estate property development company. SPI, through its subsidiaries, are engaged in lease of commercial and office spaces, hotels, development and sale of luxury residential condominiums, and property management. RLC and SPI shall subscribe to shares of stock of the joint venture company (JVC), which will result in each party owning 50% of the outstanding stock of the JVC. In addition, the Parties shall also extend Shareholder Advances, at fair and commercial rates comparable to loans extended by third party banks and financial institutions to the JVC in equal amounts.