Century City Development Corp., a wholly-owned subsidiary of Century Properties Group Inc., on Friday signed a $30-million secured facility agreement with Golden First Century Pte. Ltd., a company affiliated with Phoenix Property investors, to partly finance its latest real еstatе project Century Spire in Makati.
“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,” Century chief financial officer Carlo Antonio said.
Phoenix is one of the world’s largest private equity real еstatе fund managers with approximately $4.7 billion in assets under management.
Phoenix invests on behalf of some of the world’s leading institutional investors. Its portfolio consists mainly of multi-residential developments, rental and office properties in key gateway cities across Asia.
“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,” Phoenix co-founder and chief investment officer Samuel Chu said.
Source: Manila Standard Today | June 14, 2014