Century Properties Group, Inc. (CPG) has secured funding for its mixed-use tower in Makati from an affiliate of one of the world’s largest private equity fund managers.

Century City Development Corporation, a wholly-owned subsidiary of CPG, signed a US$30 million Secured Facility Agreement with Golden First Century Pte Ltd., a company affiliated with Phoenix Property Investors.

CPG is Phoenix Property Investors’ first partner in the Philippines.

Phoenix is one of the world’s largest private equity real estate fund managers with approximately US$4.7 billion of assets managed and/or under management.

Phoenix invests on behalf of some of the world’s leading institutional investors, and its portfolio consists mainly of multi-residential developments and retail and office properties in key gateway cities across Asia.

Proceeds from the facility will be used to partly finance the development of Century Spire located in CPG’s vertical mixed-use community Century City in Makati City.

Date: 13 Jun 2014
Source: PPInvestors