Century Properties Group Inc (CPG) confirmed that the Social Security System (SSS) acquired a 6.39-percent stake in the company for P500 million through a block sale.
CPG’s majority shareholder, Century Properties Inc (CPI), sold 740.7 million common shares to SSS at a 4.93-percent discount to CPG’s market price.
The SSS expects a dividend yield of about 7.8 percent from the acquisition, in addition to potential capital appreciation. China Bank Capital Corp. advised and arranged the transaction.
“We are honored to have the Social Security System (SSS) as an anchor investor,” CPG executive chairman Jose Antonio said.
“Both CPG and SSS share a long-term perspective and remain optimistic about CPG’s growth prospects,” said Antonio.
Chinabank Capital president Ryan Martin Tapia said the market is taking notice of the company’s strong fundamentals and growth prospects.
CPG said it aims for 15-percent to 20-percent growth over the next three to five years by balancing its affordable housing and premium residential segments.
The company said it budgeted up to P12 billion for 2025 capital expenditures, with up to P10 billion allocated for its affordable housing brand PHirst Park Homes and up to P2 billion for its premium properties.
