The Market Monitor Minding the Nation's Business
By Riza Lozada
Century Properties Group Inc. has secured a loan worth P2.2 billion to pave the way for a joint partnership with the Japanese giant Mitsubishi Corpo to build Forbes Media Tower in Makati.
The loan has been signed through Century group’s wholly-owned firm Century City Development II and Mitsubishi for a loan with Bank of the Philippine Islands (BPI).
The 10-year senior loan facility will partly finance the Forbes tower costing P4.5 billion.
Century said in a report to the bourse that it will put up 60 percent of the capital in the venture and 40 percent from Mitsubishi.
The Forbes tower is envisioned to be a stellar addition to the office market in the Philippines premiere financial district according to CPGI chairman and president Jose E.B. Antonio.
With total gross floor area of approximately 95,000 square meters, Forbes tower will rise in the Century City in Makati and will feature a wide range of premium amenities for businesses. Expected completion date is 2019.
Mitsubishi’s investment into Century Properties’ Forbes tower represents its first office development project in the country, this after venturing into industrial and residential projects according to Mitsubishi Senior Vice President with Mitsubishi Senior Vice President and Chief Operating Officer of Real Estate Development and Construction Division Nobuya Ichiki.
“We hope to continue and further strengthen our partnership with CPGI to expand real estate investment business in the Philippines” Ichiki said.