By Zinnia B. Dela Peña (The Philippine
Star) | Updated June 16, 2014 - 12:00am
MANILA, Philippines - A wholly-owned
unit of Century Properties Group Inc. (CPG) has secured $30 million in funding
from a leading global private equity real estate fund manager for its latest
project within its flagship Century City development in Makati.
In a statement, CPG said Century City
Development Corp. inked a $30 million secured facility agreement with Golden
First Century Pte Ltd., a company affiliated with Phoenix Property Investors.
Phoenix is one of the world’s largest
independently managed private equity real estate firms with approximately $4.7
billion worth of assets under management.
It invests on behalf of some of the world’s leading institutional
investors and its portfolio consists mainly of multi-residential developments,
retail and office properties in key gateway cities across Asia.
CPG said the money would be used to
partly fund the construction of the 60-story all-glass Century Spire, which
forms part of a 3.4-hectare masterplan seen to dramatically reshape Makati’s
skyline.
Century Spire is expected to bring to
the market over 500 residential units and 27,047 square meters of gross office
space upon completion in 2018.
Renowned architect Daniel Libeskind,
who is behind some of the world’s most iconic structures such as the
Reflections at Keppel Bay Singapore, the Jewish Museum Berlin, the shopping
center Crystals at CityCenter in Las Vegas, and the World Trade Center Master
Plan in New York City, will design Century Spire.
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Armani/Casa Interior Design Studios,
on the other hand, will provide interior
design services for the project, and GF and Partners are the local architects
of record.
Carlo R. Antonio, chief finance
officer at CPG, said: “We are elated to
have Phoenix consider Century as their first partner for Philippine real
estate. It is not only testament to their belief in Century’s capabilities to
deliver world-renowned projects, but also to the continued strength of the
Philippine economy.”
Phoenix co-founder and chief
investment officer Samuel Chu, for his part,
said “We are excited to be partnering with Century, as we consider them
to be one of the most successful and experienced real estate developers in the
Philippines. We strongly believe in the
medium to long-term fundamentals of the Philippine economy and see this venture
as an excellent opportunity to participate in its continued growth and
development.”
Primeiro Partners acted as Century’s
financial advisor to the transaction.
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