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Manila Bulletin devider Business devider Trade & Industry devider NDC, Bistro Group sign 25-year land lease deal

NDC, Bistro Group sign 25-year land lease deal

Published Mar 5, 2024 07:56 am

The National Development Company (NDC), serving as an investment arm of the government, signed a 25-year commercial lease agreement with restaurant operator The Bistro Group (TBG Shared Services Inc.), which will build its new corporate head office in the prime property in Makati City.

NDC said in a statement Tuesday, March 5, that the contract was signed last Feb. 21. Among its signatories were NDC General Manager Anton Mauricio and TBG President Jean Paul Manuud.  

Through the deal, NDC will lease its 1,256 square meter-vacant lot along Kamagong Street, Makati City to TBG to construct a five-storey office building, with commercial spaces set at the ground floor. The new building is expected to rise in 2026.

According to the NDC, its yearly lease figures are upwards of P7 million. 

The funds gained from the lease will be reinvested to NDC's current or future projects. 

Manuud said TBG has been wanting to acquire the NDC lot for a long time, citing Kamagong Street as an “integral part of our company’s history.”

“We established our roots in this space in 1994 and it has been our home since. It was a testament to the growth of The Bistro Group for nearly 30 years. We find this an ideal location for some Bistro restaurants that we will open at the ground level in the near future,” he explained.  

Meanwhile, Mauricio said the lease represents “a professional business partnership and model of cooperation between the private sector and the public sector.”

TBG operates 23 restaurant brands in the Philippines such as TGIF Fridays, Italianni’s, Denny’s, Buffalo Wild Wings, Texas Roadhouse, Randy’s Donuts and Hard Rock Café. 

 

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