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Century Properties secures $30-M loan

Century City Development Corporation (CCDC), a wholly-owned subsidiary of Century Properties Group, Inc. (CPGI), has signed a $30-million Secured Facility Agreement with Golden First Century Pte. Ltd.

In a disclosure to the Philippine Stock Exchange, CPGI said Golden Phoenix is a company affiliated with Phoenix Property Investors (Phoenix) one of the world’s largest private equity real еstatе fund managers with approximately $4.7 billion of assets managed and/or 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.

Proceeds from the facility shall be used to partly finance Century Spire, which will be located in Century City, Makati.

“We are elated to have Phoenix consider Century as their first partner for Philippine real еstatе. It is not the only testament to their belief in Century’s capabilities to deliver world-renowned projects, but also to the continued strength of the Philippine economy,” said CPGI chief financial officer Carlo R. Antonio.

Phoenix co-founder and chief investment officer, Samuel Chu 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.”

He added that “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: Yahoo Philippines | June 16, 2014


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