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Century Properties Raises P2.7B

Century Properties Group, Inc. raised as much as P2.7 billion in a bond offer listed with the Philippine Dealing and Exchange Corp. (PDEx) which it said will be used to partly finance capital expenditures for select residential and commercial projects set to be completed between 2017 and 2019.

“The company initially targeted to raise P2 billion, and due to strong demand, exercised its oversubscription allowance to raise a total of P2.7 billion,” the company said.

The unsecured bonds were offered in 3-year, 5-year, and 7-year tranches with interest rates of 6 percent, 6.6878 percent, and 6.9758 percent, respectively.

Century Properties said that upon the completion of the projects to be funded by the bonds, it will have added a total of over 3,400 residential units and over 300,000 square meters of gross floor area in its portfolio

From its initial public listing in 2012, Century Properties projects to complete a total of 31 residential buildings by 2019. Its portfolio of launched projects is currently over 90 percent pre-sold.

Century Properties’ commercial portfolio will total over 160,000 square meters within the next five years that includes Century City Mall, a five-level, 50,000 square meters lifestyle center.  Century City Mall is the first mall to open in Makati City in the last decade.

By the end of this year, the Company will turnover Centuria Medical Makati, a 28-story outpatient medical building also in Century City, which has both for sale and for lease medical IT units. Century Properties also expects to complete three Class A commercial buildings in prime locations with close to 90,000 square meters.

This will allow Century Properties to be “a significant participant in the growth of the office space sector in the Philippines by 2018,” the company said.

“We are grateful for the success of our maiden bond issuance and the confidence accorded to us by the investing public. This is a testament to the company’s sound financial management and profitable business model,” said Jose E.B. Antonio, Century Properties Executive Chairman of the Board.

“Not only will the bond enable us to diversify our funding sources, but it also helps us get a step closer towards our goal of building a bigger and more diversified Company,” he added.

The company said that its co-branding partnerships with Armani Casa and Studio Daniel Libeskind for the recently-launched luxury development Century Spire, Trump for Trump Tower, Paris Hilton for Azure, Versace Home for Milano and yoo inspired by Starck for Acqua “are bringing world-class development standards to the Philippine skyline.”

BDO Capital & Investment Corp., and The Hongkong and Shanghai Banking Corporation Limited served as joint lead underwriters and bookrunners, while BDO Capital acted as the sole issue manager. Primeiro Partners served as the financial adviser to the offer.

Source: Malaya | September 3, 2014


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