MANILA, Philippines – Century City Development Corp., a wholly-owned subsidiary of Century Properties Group, Inc., has signed a $30 million secured facility agreement with Phoenix Property-affiliate Golden First Century Pte Ltd.
In a disclosure to the stock exchange on Friday, Century said proceeds from the facility will be used to partly finance the development of the 60-storey Century Spire, an upscale office and residential building in Century City, Makati.
Century Spire will be designed by renowned architect Daniel Libeskind, who designed 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. [http://www.abs-cbnnews.com/business/05/28/14/century-properties-eyes-p84-b-sales-new-condo]
Armani/Casa Interior Design Studios will provide interior design services for the luxury tower.
"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,” said Century's chief financial officer Carlo Antonio.
Phoenix, one of the world’s largest private equity real estate fund managers, invests on behalf of some of the world’s leading institutional investors.
It has approximately $4.7 billion of assets managed and/or under management.
“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,” Phoenix’s co-founder and chief investment officer Samuel Chu said.
Primeiro Partners serves as Century’s financial advisor in the agreement.