Century Properties Group Inc. said Wednesday it is buying out Mistubishi Corp.’s 40-percent stake in affordable housing joint venture for P1.3 billion, ending its five-year partnership.
CPG said Wednesday Mitsubishi is selling its stake in PHirst Park Homes Inc. and Tanza Properties Inc., giving the real estate developer full ownership of the fast-growing business unit.
“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 backSlog that the administration is working on,” CPG executive chairman and Amb. Jose Antonio said.
Mitsubishi Corp. executive vice president and group CEO for urban development group Takuya Kuga said the divestment is aligned with the group’s business direction in the region.
“The great outcome that we initially projected to achieve in 10 years’ time has been substantially realized within 5 years. As MC has already achieved its optimal goal for this particular investment, we believe that it is the ideal opportunity to pursue new seeds of growth in other emerging markets both in the Philippines and the Asian region,” Kuga said. Jenniffer B. Austria