MANILA, Philippines – Rеal еstatе firm Century Properties Group Inc. has acquired a 50 -percent stake in the company that owns the low-rise tower of Pacific Star Building in Makati City.
The listed property firm of the Antonio family said the PSB low rise tower is expected to contribute to the company’s recurring revenues as the building is fully leased out.
“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, director for investor relations of Century Properties.
The Pacific Star Building is a 20-year-old office building and a landmark in the Makati central business district. The Pacific Star consists of a 29-story structure and a six-story low-rise building
The acquisition of PSB low rise tower, which is over 5,900 square meters of office space, is in line with Century Properties plans to diversify its revenue streams.
From its listing in 2012, Century Properties has evolved from being a primarily residential developer to becoming a well-diversified real еstatе company.
“PSB low rise will be an addition to the company’s planned commercial portfolio of 160,000 square meters that will be completed by 2019,” Century Properties said.
The company’s planned commercial portfolio will include the Century City Mall, a five-level 50,000 square meters which was completed earlier this year. It is the first mall to open in Makati City in almost a decade.
By year-end, Century Properties will turnover Centuria Medical Makati, a 28-story out-patient medical facility which has both for sale and for lease medical IT units.
The company, likewise, projects to complete three Class A commercial buildings in prime locations with close to 90,000 square meters, thereby enabling Century Properties to be a significant participant in the growth of the office space sector in the Philippines by 2019.
Century Properties is spending more than P12 billion in the next five years for several residential buildings in Metro Manila.
Source: The Philippine Star | October 27, 2014