Philippine Pension Fund Acquires Stake in Trump Tower Builder

Philippine state pension fund Social Security System has acquired a minority stake in a listed property firm behind Trump Tower in Manila.

The majority owner of Century Properties Group, Inc. sold 740.74 million common shares worth 500 million pesos ($8.7 million) through a block sale, the company said in a disclosure.

The pension fund secured a 6.39% stake in Century Properties at a 4.93% discount versus current market price in a deal facilitated by China Bank Capital Corp., it added.

Century Properties paid as much as $5 million a decade ago to use the brand of real estate magnate and ...