Century Properties Group Inc. acquired the 40-percent stake of Mitsubishi Corp. in newly-completed office building Century Diamond Tower in Makati for P1.9 billion.
CPG said in a disclosure to the stock exchange Tuesday the acquisition would increase the company’s total commercial leasing portfolio by 25,000 square meters to 137,000 sq. m. and boost recurring revenues in the coming years.
“This acquisition effectively builds up CPG’s recurring income assets in line with our strategy of growing the company’s high-margin businesses including office leasing. This has proven to be a resilient sector by nature of longer-term leases,” said CPG president and chief executive Marco Antonio.
“We thank Mitsubishi Corporation for the trust, the fruitful partnership, and its invaluable support to this project. The completion of Century Diamond Tower is a milestone for CPG as we continue in our step forward to balancing our vertical residential and affordable housing portfolio with commercial leasing assets, while maintaining business resilience under the new normal.”