NDC signs 25-year lease contract with Bistro Group
MANILA, Philippines. – National Development Company (NDC) has signed a 25-year commercial lease agreement with The Bistro Group (TBG) for one of state-owned vacant properties in Makati.
This is in line with the state-owned enterprise’s push toward turning unused assets into productive resources.
NDC, which is the investment arm of the Department of Trade and Industry (DTI), said the long-term lease contract with The Bistro Group (TBG) Shared Services Inc. was for a 1,256-square-meter lot along Kamagong Street in Makati which used to house a gasoline station.
The lease agreement was signed last Feb 21 by NDC General Manager Antonilo DC Mauricio and TBG President Jean Paul Manuud.
Bistro Group’s new head office
According to the NDC, the site will become the company’s new corporate head office, with the building that will be built consisting of up to five floors of office space, along with planned commercial space at the ground-floor.
“Kamagong St. is an integral part of our company’s history. We established our roots in this space in 1994 and it has been our home since. It was a testament to the growth of The Bistro Group for nearly 30 years. We find this an ideal location for some Bistro restaurants that we will open at the ground level in the near future,” Manuud said in a statement.
Article continues after this advertisementREAD: The Bistro Group ends 2023 with over 180 stores; eyes new local and international brands in 2024
Article continues after this advertisementFor his part, Mauricio said the lease represents a “professional business partnership and model” of cooperation between the private and the public sectors.
The expected completion of the infrastructure, according to the NDC, is in 2026.
More similar deals in the works
Assistant General Manager Leopoldo F. Acot said the lease is upwards of P7 million a year, adding that the funds generated will be used in other current and future projects of NDC.
READ: NDC developing ‘smart city’ in Cavite
According to the NDC executive, this lease agreement is the first they signed this year, with several more currently in the works.
TBG Shared Services also operates 23 brands including Hard Rock Cafe, TGI Friday and Texas Roadhouse, Italianni’s, Denny’s, Buffalo Wild Wings, Texas Roadhouse, and Randy’s Donuts.
The other popular brands in its portfolio are Watami, Modern Shang, Bulgogi Brothers, Fish & Co., Bistronomia, Las Flores, Rambla, Tomatito, BCN by Las Flores and Rumba, among others.
