Posted on September 08, 2015 09:29:00
PM [ BusinessWorld Online ]
JAPANESE conglomerate Mitsubishi Corp.
and Century Properties Group, Inc. have formed a joint venture company that
will build a $100-million (P4.5-billion) rental building in Makati that will
carry the Forbes brand.
Mitsubishi will own 40% of Century
City Development II Corp.(CCDCII) -- the joint venture firm -- while the
Philippine-listed builder, through subsidiary Century City Development Corp.,
holds the remaining 60%, Century told the stock exchange confirming an earlier
report by the Nikkei.
The commercial building will be called
the Forbes Media Tower.
CCDCII will finance the 35-storey
project through a combination of P2.3-billion equity infusion from the Century
unit and Mitsubishi, and a ten-year P2.2-billion senior loan granted by the
Bank of Philippine Islands.
The partnership with Century
Properties marks Mitsubishi’s third investment in the Philippine real estate
sector and the first in office development, Mitsubishi Senior Vice-President
Nobuya Ichiki was quoted as saying in a statement issued by Century.
The Japanese conglomerate has invested
in an industrial park and a residential project in the country.
“Among all countries, Mitsubishi
believes Philippines has the promising market due to its continuous high
economic growth,” Mr. Ichiki said in the statement.
Mitsubishi has real estate projects in
Japan, China, United States, and countries in Southeast Asia.
“Forbes Media Tower will be a stellar
addition to the office market in our country’s premiere financial district,”
Century Properties Chairman and President Jose E.B. Antonio said.
Forbes Media Tower, which is scheduled
for completion in 2019, will have a total gross floor area with parking of
approximately 95,000 square meters. Net leasable area will be over 50,000
square meters.
The land that will house the Forbes
Media Tower is the last parcel to be developed within Century City, the listed
firm’s 3.4-hectare integrated vertical mixed-use complex in Makati City, and
one of three Class A commercial buildings that the property developer expects
to add to its portfolio by 2019.
“The sector is awash with
opportunities for commercial infrastructure as the country continues to attract
BPO and multinational companies... Century targets to be a significant
participant in the growth of the office space sector by 2018,” CCDC Director
Marco R. Antonio said.
Century Properties’ commercial
portfolio will reach over 190,000 square meters within the next four years.
The company’s shares added a centavo
or 1.59% to close at 64 centavos yesterday. -- K.A.M. Montealegre
_________________________________________________________
