MANILA - Century Properties Group (CPG) on Monday said it has acquired the 40 percent stake of its joint venture partner in the newly-completed Century Diamond Tower in Makati.
CPG and a subsidiary of Mitsubishi Corp entered into a partnership agreement in August 2015 under the joint-venture company Century City Development II Corporation.
The company said it agreed to acquire Mitsubishi’s common shares in the joint venture for P1.9 billion. The transaction was approved by the Philippine Competition Commission on August 11, CPG said.
The property developer said the new building, which is LEED or Leadership in Energy and Environmental Design-certified, will add 25,000 square meters to its commercial leasing portfolio.
“This will account for a significant bulk of CPG’s recurring revenues in the coming years,” the company said.
Century Diamond Tower is accredited by the Philippine Economic Zone Authority and is the latest office tower to rise in the 3.4-hectare Century City in the Makati central business district.