Property

Century Properties Group takes control of Century Development

The Philippine Competition Commission (PCC) has approved the proposed acquisition by Century Properties Group Inc. (CPGI) of 40% of the total outstanding capital of Century City Development II Corp.

According to the PCC’s Mergers and Acquisitions Office (MAO), the proposed transaction is unlikely to give rise to competition concerns since it will not alter the current structure of the office leasing market, and there remain sufficient competitive constraints from other market participants in Makati and Bonifacio Global City post-transaction.

Century Development II is engaged in real estate development and is a joint venture between Century City Development Corpm and FMT Kalayaan Inc.

CPGI’s parent company is engaged in real estate development, sale and lease, property management services, asset management services, marketing and promotion of service, and hospitality and leisure.

To date, PCC has received 215 notifications, prohibited one anticompetitive merger, and approved 198 mergers and acquisitions (M&As), with a combined worth of P3.85 trillion.

Real estate activities rank third in M&A transactions of the MAO in terms of transaction value, with the office logging 30 transactions in the sector thus far worth P494 billion.

Other sectors observed to have active M&A movement are in manufacturing, electricity and gas, water supply and waste management sectors.

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