MANILA – Century Properties Group Inc has secured funding for its mixed-use tower in Makati from an affiliate of one of the world’s largest private equity fund managers.
In a disclosure to the Philippine Stock Exchange, the property company of former ambassador Jose EB Antonio said wholly owned subsidiary Century City Development Corp signed a $30-million secured facility agreement with Golden First Century Pte Ltd.
Golden First is an affiliate of Phoenix Property Investors, which has approximately $4.7 billion of assets under management.
Phoenix invests on behalf of some of the world’s leading institutional investors and its portfolio consists mainly of multi-residential developments, retail and office properties in key gateway cities across Asia. It has offices in Hong Kong, Shanghai, Singapore, Taipei and Tokyo.
Proceeds from the facility will be used to partly finance the development of Century Spire located in Century Properties’ vertical mixed-use community Century City in Makati City.
The 60-storey Century Spire will have 98,954 square meters of gross floor area, over 500 residential units, and 27,047 square meters of gross office space that will be retained by Century for commercial leasing.
Century Properties is launching P9.5 billion worth of residential and office developments in the second half of the year. The projects are sixth tower at Acqua Private Residences in Mandaluyong and the first residential tower at Azure North in Pampanga, its first project outside Metro Manila.
Century Properties’ profit rose 3 percent year-on-year to P513.06 million in the first quarter from P500.56 million in 2013. Consolidated revenues jumped by a tenth to P2.85 billion from P2.60 billion over the same period.
Source: Interaksyon | June 13, 2014