THE joint venture between Century Properties Inc. and Mitsubishi Corporation has obtained a P2.2 billion loan facility from the Bank of the Philippine Islands (BPI) to partly finance its Forbes Tower project.
Century said the balance of the 10-year P2.2 billion senior facility loan will be funded through equity contributions of 60 percent from Century Properties and 40 percent from Mitsubishi.
In September, Century Properties said it entered into a joint-venture agreement with Mitsubishi to build a 35-story office building at Century City in Makati, through its subsidiary Century City Development Corp. (CDCC), worth P4.5 billion.
Jose Marco Antonio, managing director of Century Properties, expressed optimism over the joint venture’s prospects now that the loan facility has been approved and signed.
“The signing of the facility marks an important step for Century Properties. Along with our partner, Mitsubishi Corporation, we are particularly proud of the level of support that we have received from BPI. The facility also helps provide Century Properties with the flexibility to move forward on the diversification of its portfolio,” said Antonio.
The Forbes Media Tower is the world’s first Forbes-branded commercial building. It will have a total gross floor area of approximately 95,000 square meters and will feature a wide range of premium amenities for businesses.
Expected completion of the tower will be in 2019.