Mitsubishi Corporation has sold its 40% stake in the PHirst Park Homes and the Tanza Properties affordable housing joint ventures in the Philippines to its partner Century Properties.

Century Properties said its board had approved the purchase of Mitsubishi’s shares in the housing companies, but did not disclose the total acquisition value.

“The acquisition is part of the group’s strategic move to consolidate its interests in the business segment, where the market is robust, allowing us to create more value for our stakeholders,” said Jose EB Antonio, Century Properties executive chairman.

“With the success of the Century Properties and Mitsubishi Corp partnership, the two companies maintain a solid relationship and will continue to explore opportunities for future collaboration,” he said. “In fact, plans are already being arranged to talk about the next CPG-MC venture.”

Mitsubishi’s executive vice president and group CEO for Urban Development, Takuya Kuga, said the move aligned with the firm’s business direction in the region.

“The great outcome that what we initially projected to achieve in 10 years has been substantially realised within five years,” he said.

“As the company has already achieved its optimal goal for this particular investment, we believe there is an ideal opportunity to pursue new seeds of growth in other emerging markets, both in the Philippines and the Asian region.”

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