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.
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.
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