Century Properties Group Inc. said is buying the 40 percent stake of Mitsubishi Corp., its partner in its affordable housing segment through Phirst Park Homes Inc. (PPHI) and Tanza Properties Inc.
The company did not disclose the acquisition cost.
At PPHI, Century Properties is buying the 1.6 billion common shares held by Mitsubishi in Phirst Park with a par value of P1 and 265,000 preferred B shares with a par value of P1,000.
Century Properties said the acquisition will give both parties opportunity to seek “new paths towards growth,” focusing on “other market opportunities in both the Philippines and the Asian region.”
“This acquisition is part of the group’s strategic move to consolidate interests in the business segment where the market is robust, allowing us to create more value for our stakeholders, contribute more to serving the needs of our fellow Filipinos for decent, quality and affordable first homes while helping address the huge housing backlog that the administration is working on,” said Jose E.B. Antonio, CPG chairman.
Launched in 2017 as an affordable housing brand, and incorporated in 2018, PPHI is the first-home division and brand of CPGI. Its projects are located in the fringes of Metro Manila and its target market are first-time homebuyers.
