Government Service Insurance System, a state pension fund for public sector workers, said Wednesday it has agreed to lease a three-hectare property to shopping mall operator SM Prime Holdings Inc. (SMPH.PH). 

GSIS said that SM Prime will pay PHP1.3 billion for a 25-year lease of the property. 

The property is located in Quezon City, near the University of the Philippines and several government offices. 

SM Prime will develop a commercial complex on the site, GSIS said.