A consortium led by property developer Century Properties Group Inc. (CPG) has tapped a P2.2 billion loan facility from the Bank of the Philippine Islands (BPI) to partly fund construction of the world’s first Forbes-branded commercial office building in its Century City hub in Makati City.
CPG contracted the loan through its wholly owned subsidiary Century City Development II Corp. and partner Mitsubishi Corp., the company said in a press statement Monday.
Construction of the Forbes Media Tower, which is expected to be completed by 2019, is estimated at P4.5 billion. The balance of P2.3 billion will be funded through equity contributions—60 percent from Century Properties and 40 percent from Mitsubishi Corp.
“The signing of the facility marks an important step for Century Properties. Along with our partner, Mitsubishi Corp., we are particularly proud of the level of support that we have received from BPI. The facility also helps provide Century Properties with the flexibility to move forward on the diversification of its portfolio,” said CPG chief operating officer Jose Marco Antonio.
In September, Century Properties and Mitsubishi announced their partnership to develop, lease out and maintain the world’s first Forbes-branded commercial building through a joint venture agreement.
The Forbes Media Tower will have a total gross floor area of around 95,000 square meters and will feature a wide range of premium amenities for businesses. Doris Dumlao-Abadilla