Filinvest Land Inc., a listed real estate company of the Gotianun family, said Tuesday it formed a joint venture with KMC Community Inc. for the development, management, operation, and maintenance of flexible workspace facilities offering private serviced office seats and co-working seats in commercial buildings.
Filinvest Land will own 70 percent of the joint venture company, which will initially be capitalized at P100 million.
The joint venture seeks to take advantage of the growing demand of co-working spaces in response to work-from-home arrangements instituted by companies, particularly those in the business process outsourcing industry, to cope with the mobility restrictions that were imposed because of the pandemic.
Demand is also being driven by incentives allowed by the Philippine Board of Investments and the Philippine Economic Zone Authority to those who use shared working spaces.
Profit sharing between KMC and Filinvest Land will be based on equity interest in the joint venture.KMC will manage the business on such terms and conditions as may be agreed upon by the company and Filinvest Land.
Filinvest Land owns a number of office building whose use can be tweaked to allow shared working spaces.
