Century Properties Group Inc. said Sunday it is acquiring a 50-percent stake in a company that owns the low-rise tower of Pacific Star Building in Makati City.
Century Properties said in a statement to the stock exchange it signed a memorandum of agreement for a 50-percent stake in the company that owned the low-rise tower at the corner of Sen. Gil J. Puyat Ave. and Makati Avenue, in line with a plan to diversify revenue streams over the next couple of years.
The company did not provide additional details about the transaction.
“Pacific Star low-rise tower, which is over 5,900 square meters of office space, is expected to contribute to the company’s recurring revenues as the building is fully leased out,” Century Properties said.
Century Properties said it would acquire the property by assuming the existing loan of Pacific Star low-rise tower.
“We welcome the addition of the low-rise tower of Pacific Star Building into our portfolio given that it is already a revenue-generating asset,” said Kristina Garcia, investor relations officer of Century Properties.
Century Properties Management Inc., a unit of Century Properties Group, currently manages the property.
Century Properties said the investment in Pacific Star low rise would be an addition to the company’s planned commercial portfolio of 160,000 square meters that would be completed by 2019.
This includes Century City Mall, a five-level, 50,000-square-meter project which was completed earlier this year. It is the first mall to open in Makati City in almost a decade.
Century Properties also expects to turn over this year Centuria Medical Makati, a 28-story out-patient medical facility also within Century City, which has both for sale and for lease medical IT units.
The company expects to complete three class A commercial buildings in prime locations with close to 90,000 square meters, thereby enabling the group to be a significant participant in the growth of the office space sector in the Philippines by 2019.
Century Properties is evolving from being a primarily residential developer to becoming a well-diversified real еstatе company.
Source: Manila Standard Today | October 26, 2014