The Bistro Group seals P175-M lease with NDC
(Contributed photo)
Daily Tribune(Contributed photo)
The National Development Council has secured roughly P175 million in revenue from the restaurant chain, The Bistro Group, in the next 25 years.
This was after TBG Shared Services Inc. sealed a lease agreement with the Department of Trade and Industry attached agency, NDC, a long-term 25-year commercial lease.
“The yearly lease is, (as per) ballpark figures, upwards of P7 million yearly. Funds generated from the lease will be used in other current and/or future projects of NDC,” said Rocky Acot, assistant general manager at NDC.
TBG Shared Services Inc. is the operator of 23 popular restaurant brands in the Philippines including TGI Fridays, Hard Rock Café, and Texas Roadhouse.
The signing ceremony between NDC General Manager Anton Mauricio and TBG President Jean-Paul Manuud was held at Italianni’s Circuit (one of TBG’s restaurant concepts) last 21 February 2024.
The long-term commercial lease covers a vacant lot owned by NDC along Kamagong Street, Makati City, and will become the site of TBG Shared Services' new corporate head office, consisting of up to five floors of office space, along with planned commercial spaces on the ground floor.
Through a series of amicable negotiations, the lease agreement was finally concluded this 2024, the NDC said.
The expected completion date is in 2026.
Manuud shared how their group has repeatedly returned to eyeing the NDC lot as the site of their planned new headquarters.
“Kamagong St. is 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 (soon),” he said.
NDC’s Mauricio, on the other hand, said his personal experiences about how so many in the general public had grown up with the restaurants run by The Bistro Group, and how this lease represents a ‘professional business partnership and model’ of cooperation between the private sector and the public sector.