Ayala Land Inc. unloaded some of its shares in its real estate investment trust AREIT Inc. for P4.19 billion.
In a disclosure to the local bourse Wednesday, the real estate giant said that the 100 million common shares, priced at P41.90 each, had been placed out through UBS AG Singapore Branch, BPI Capital Corporation and Maybank Securities Pte. Ltd.
These were taken up by institutional investors from the Philippines and other overseas markets, including the United States.
Proceeds from this will be settled by Friday.
Ayala Land has yet to provide details on how the group intends to use the fresh funds.
REIT pioneer
The company is one of the major property developers in the Philippine market, with residential developments, shopping centers, offices, hotels and resorts.
AREIT, meanwhile, is the country’s first publicly listed REIT.
Just in October, the firm disclosed that its board of directors had given the go signal to pursue a property-for-share swap with ALI and its subsidiary, Summerhill Commercial Ventures Corp. The agreement involves two commercial mall assets worth P19.5 billion: Ayala Center Cebu and Ayala Malls Feliz in Pasig City. Together, these malls span 375,000 square meters. Once completed by the latter part of next year, this deal will bring AREIT’s assets under management to P158 billion. INQ