MANILA, Philippines – A wholly-owned unit of Century Properties Group Inc. (CPG) has secured $30 million in funding from a leading global private equity real еstatе fund manager for its latest project within its flagship Century City development in Makati.
In a statement, CPG said Century City Development Corp. inked a $30 million secured facility agreement with Golden First Century Pte Ltd., a company affiliated with Phoenix Property Investors.
Phoenix is one of the world’s largest independently managed private equity real еstatе firms with approximately $4.7 billion worth of assets under management. It 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.
CPG said the money would be used to partly fund the construction of the 60-story all-glass Century Spire, which forms part of a 3.4-hectare masterplan seen to dramatically reshape Makati’s skyline.
Century Spire is expected to bring to the market over 500 residential units and 27,047 square meters of gross office space upon completion in 2018.
Renowned architect Daniel Libeskind, who is behind some of the world’s most iconic structures such as the Reflections at Keppel Bay Singapore, the Jewish Museum Berlin, the shopping center Crystals at CityCenter in Las Vegas, and the World Trade Center Master Plan in New York City, will design Century Spire.
Armani/Casa Interior Design Studios, on the other hand, will provide interior design services for the project, and GF and Partners are the local architects of record.
Carlo R. Antonio, chief finance officer at CPG, said: “We are elated to have Phoenix consider Century as their first partner for Philippine real еstatе. It is not only testament to their belief in Century’s capabilities to deliver world-renowned projects, but also to the continued strength of the Philippine economy.”
Phoenix co-founder and chief investment officer Samuel Chu, for his part, said “We are excited to be partnering with Century, as we consider them to be one of the most successful and experienced real еstatе developers in the Philippines. We strongly believe in the medium to long-term fundamentals of the Philippine economy and see this venture as an excellent opportunity to participate in its continued growth and development.”
Primeiro Partners acted as Century’s financial advisor to the transaction.
Source: The Philippine Star | June 16, 2014