Ayala Land raises P4.19B from AREIT share sale

Ayala Land, Inc. successfully raised P4.19 billion by selling 100 million common shares of its real estate investment trust, AREIT Inc., at P41.90 each through a private placement managed by UBS AG Singapore Branch, BPI Capital Corp., and Maybank Securities Pte. Ltd.

The transaction, which was exempt from registration requirements under the Securities Regulation Code and not registered with the Philippine Securities and Exchange Commission, involved buyers both inside and outside the US.

Proceeds from the share sale are scheduled for settlement on November 28.

This block sale aims to increase AREIT's public float in preparation for the infusion of Ayala Center Cebu and Ayala Malls Feliz.

The transaction also enables Ayala Land to recycle capital for new projects to sustain growth, and AREIT plans to expand its assets under management by P19.5 billion through a property-for-share swap with Ayala Land and Summerhill Commercial Ventures Corp.