Century Properties teams up with Mitsubishi | Inquirer Business
Close  

Century Properties teams up with Mitsubishi

/ 07:10 AM September 10, 2015

A unit of Century Properties Group (CPG) has teamed up with Japanese conglomerate Mitsubishi Corp. to develop a 35-story office building  called Forbes Media Tower at Century City in Makati.

In a statement, CPG said its subsidiary, Century City Development Corp., had formed a firm called Century City Development II Corp. (CCDCII). CCDC will own 60 percent of the venture while Mitsubishi will control 40 percent.

ADVERTISEMENT

The joint venture will develop, lease out and maintain Forbes Media Tower.

CCDCII will finance the $100 million (P4.5 billion) cost of the project through $51 million (P2.3 billion) in equity from CCDC and Mitsubishi, and a 10-year $49-million million (P2.2 billion) senior loan from Bank of the Philippine Islands.

FEATURED STORIES

CPG said BPI had approved the loan on the basis of the project’s strong financial viability and its confidence in the combined strength and experience of Century and Mitsubishi.

“We are privileged to partner with Mitsubishi Corp., one of Japan’s most respected business conglomerates, in developing Forbes Media Tower. We are grateful for their trust and confidence, as these are testament to our sound business strategy of developing projects with determined demand. Forbes Media Tower will be a stellar addition to the office market in our country’s premiere financial district,” said CPG chair and president Jose Antonio.

“Mitsubishi has invested in two Philippine real estate development projects, one for an industrial park and another for residence. This will be its third development project and the first office development in the country,” said Mitsubishi senior vice president Nobuya Ichiki.–Doris Dumlao-Abadilla

Subscribe to Inquirer Business Newsletter
Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Century City, Century City Development II Corp., Century Properties, Forbes Media Tower, Mitsubishi, office building, property, Real Estate
For feedback, complaints, or inquiries, contact us.


© Copyright 1997-2020 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.