by FORBES
The groundbreaking event follows the announcement of the two firms to develop, lease out, and maintain the world’s first Forbes-branded commercial building through a joint venture agreement.
Held at the site of Forbes Media Tower® in Century City on Kalayan Avenue, the ceremony was attended by Century Properties and Mitsubishi Corporation executives, including Jose E.B. Antonio – Chairman and CEO, Marco R. Antonio – Chief Operating Officer, Robbie R. Antonio – Managing Director, and Ricardo P. Cuerva – Director and Head of Construction.
Mitsubishi Corporation’s presence was led by Takuya Kuga – Division COO for IFLD, Masahiro Nagaoka – Deputy General Manager Mitsubishi Corporation Manila Branch, Kiyoto Asari – Manager of ASEAN Team, Real Estate Development & Construction Division, Yoshio Amano – General Manager for Manila, Dennis Macalisang – Senior Assistant Manager Industrial Finance Logistics & Development Division, and Ms. Jade Ilagan – Jr. Accounting Officer.
The Forbes Media Tower® project will be undertaken by Century City Development II Corporation (CCDCII), of which CCDC and Mitsubishi have 60 percent and 40 percent ownership, respectively.
The agreement stipulates that CCDCII shall finance the projected USD $100 million (Php4.5 billion) total project cost through USD $51 million (Php 2.3 billion) of equity from CCDC and Mitsubishi, and a 10-year, USD $49 million (Php2.2 billion) senior loan granted by the Bank of Philippine Islands (BPI).
In November 2015, CCDC II and Mitsubishi Corporation signed the loan facility with BPI as lender. Proceeds from the said senior loan agreement will be used to partly finance the P4.5-billion Forbes Media Tower®. The balance of P2.3 billion will be funded through equity contributions of 60 percent from Century Properties and 40 percent from Mitsubishi Corporation.
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