Dutch pension fund APG has acquired a 9.8-percent stake in Century Properties Group (CPG) for about P1.52 billion, coming in as an institutional investor.
This widens the property developer’s public float.
In a disclosure to the Philippine Stock Exchange on Tuesday, CPG said parent firm Century Properties Inc. (CPI) had entered into a deal to sell about 868.32 million CPG shares to APG Strategic Real Estate Pool NV.
A CPG spokesperson said the shares were sold to APG at P1.75 per share, at which secondary shares were placed out during a recent offshore offering. This suggested that APG had acquired the bloc for about P1.52 billion.
CPI issued a convertible bond to APG in January but instead of converting the bonds into shares of CPI, it was agreed upon that the parent firm would purchase the bonds and pay in the form of 868.32 million CPG shares and cash.
As a result of the transaction, CPI will retire the convertible bond with the sale of CPG shares to the Dutch group.
APG manages pension assets of about 284 billion euros as of December 2011 and administers more than 30 percent of all collective pension schemes in the Netherlands.—Doris C. Dumlao