GLOBAL - The €266bn Dutch pension asset manager APG has invested P2.25bn (€37.2m) in a Philippines real estate developer.
The investment in Century Properties, an unlisted company that focuses on developing high-end residential assets in the Philippines, shows that the Dutch pension fund investor has appetite to invest in emerging markets at a time when many investors are still focusing on core assets in mature western markets.
Patrick Kanters, managing director for global real estate at APG, said: "As a long-term strategic investor, APG has identified the real estate market in the Philippines as highly attractive.
"We focus on building exposure to quality companies with a clear strategy, a strong and reliable management and a well-established track record."
APG already owns stakes in a number of real estate companies in the Philippines, and Kanters said the interest in Century Properties would complement the existing portfolio.
He added: "We are confident that, through our investment, we contribute to the Century Properties team realising their growth strategy."
Century Properties has been active as a developer in the Philippines since 1986 and had completed 22 projects by September 2010.
Its current projects include Century City in Kalayaan Avenue in Makati. It also manages 43 buildings, comprising 1.9m square meters of space.
Jose Antonio, chairman and chief executive at Century Properties, said: "The investment by APG in Century augurs well, as it is a sign of APG's confidence in the Philippine economy over the long term, and APG's trust in the management, track record and vision of Century."
Antonio said the investment from APG would allow Century Properties to capitalise on the current high growth and low inflation environment in the Philippines.
