Century Properties Group (CPG) recently launched a new project in partnership with Japan's largest trading company, the Mitsubishi Corp.
The two corporate giants are coming together for Forbes Media Tower, a 35-storey office building rising in Century City, CPG's upcoming township in Makati.
CPG entered a joint venture agreement with Mitsubishi through its subsidiary, Century City Development Corp. II (CCDCII).
CCDCII is slated to finance the project, which costs $100 million (roughly P4.5 billion). CPG subsidiary Century City Development Corp. (CCDC) and Mitsubishi granted an equity of $51 million. The remaining $49 million came from Bank of the Philippine Islands (BPI) through a 10-year senior loan.
"Mitsubishi executes real-estate development projects in Japan, China, the United States, and the countries in Southeast Asia region. Among all countries, Mitsubishi believes the Philippines has the promising market due to its continuous high economic growth," said Mitsubishi senior vice president Nobuya Ichiki, who added that the tower is the company's third development in the Phiilippines and its first office project.
The tower, the world's first Forbes-branded building, has over 50,000 sqm of leasable space within 95,000 sqm overall. It is considered a "Class A" commercial building, one of three that CPG hopes to complete by 2019.
"We are privileged to partner with Mitsubishi Corp., one of Japan's most respected business conglomerates, in developing Forbes Media Tower," stated CPG chairman Jose E.B. Antonio. "We are grateful for their trust and confidence, as these are testament to our sound business strategy of developing projects with determined demand. Forbes Media Tower will be a stellar addition to the office market in our country's premier financial district."