Global Gateway to sublease 10 hectares of Clark Global City to SM Prime

Global Gateway Development Corp. (GGDC) has signed agreement to sublease up to 10 hectares in Clark Global City to property developer SM Prime Holdings Inc.

The agreement covers 10 hectares of Global Gateway’s 177-hectare leasehold in Clark Freeport Zone in Mabalacat, Pampanga.

“Clark Global City has secured its first anchor locator—SM Prime Holdings Inc.—the country’s biggest property developer,” Global Gateway said.

The sublease will initially cover five hectares, with SM Prime having the option to take five more hectares in next three years.

SM Prime is in the process of acquiring and developing real estate into commercial shopping centers or residential spaces.

The company closed 2017 with 67 SM malls in the Philippines, and seven other shopping malls in China.

“Clark Global City provides us with another platform to help develop Clark and thereby unlock employment and business opportunities in the region,” said Hans Sy, SM Prime’s executive chairman.

“We will explore more opportunities to contribute to the transformation of Clark as a premier investment destination in Asia-Pacific,” he said.

Clark Global City is a 177-hectare development within the Clark Freeport Zone.

“Having SM Prime as one of our anchor locators boosts our efforts in developing Clark Global City as the country’s new center of business, life and innovation,” said Dennis Uy, Global Gateway’s chairman.

Global Gateway is a wholly-owned subsidiary of Udenna Development Corp. that is focused on real estate and property development.

 

SOURCE

Jon Viktor Cabuenas/VDS (2018 October 18). Global Gateway to sublease 10 hectares of Clark Global City to SM Prime Retrieved from http://www.gmanetwork.com/news/money/companies/671677/global-gateway-to-sublease-10-hectares-of-clark-global-city-to-sm-prime/story/