NETHERLANDS - APG has invested P2.25bn ($50.4m) in real estate developer Century Properties in the Philippines.
Century said the pension fund's investment will allow it to capitalise on the current high growth and low inflation environment of the Philippines.
APG managing director of global real estate Patrick Kanters 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. Our investment in Century Properties fits well in our carefully selected portfolio of Philippine real estate companies. We are confident that through our investment we contribute to the Century Properties team realizing their growth strategy."
Century chairman and CEO Jose Antonio 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.
"Today, Century is marking a milestone through our partnership with APG. We have built reputable developments that have catered to our discerning clientele over the past 24 years. Now, as we mark our 25th year of operations, the confidence of one of the world's leading institutional investors strengthens the prospects for Century and its various stakeholders."
APG has 8% of its €266bn assets invested in real estate at the end of September 2010.
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