MANILA — Filinvest Land Inc said on Tuesday it signed a joint venture agreement with KMC Community Inc (KMC) for the development of co-working spaces in the Philippines.
The JVA is for the establishment, operation, development, management, and maintenance of flexible working space facilities offering private serviced office seats and co-working seats in commercial buildings, Filinvest Land told the stock exchange.
"By entering into the Joint Venture Agreement, FLI can leverage the expertise and experience of KMC in the flexible co-working space industry," the company said.
"By partnering with a company with a strong branding, FLI will be able to increase its brand awareness in the co-working space industry and be able to reach new markets and expand its operations to multiple locations," it added.
Filinvest Land said the co-working space industry is rapidly growing due to increased demand driven by the rise of remote work, among others.
The joint venture company, with a total amount of investment of P100 million, will be under a 70-30 percent subscription between Filinvest Land and KMC, the company said.