Philstar
SM Investments selling real estate unit to SM Prime
SM Prime Holdings Inc. aims to raise up to P17 billion through a peso-denominated fixed-rate bond issuance to fund mall expansions and redevelopments.
The company has filed an application with the SEC for P12 billion in bonds, with an option to increase the amount by P5 billion.
Philippine Rating Services Corp. (PhilRatings) assigned the highest rating of PRS Aaa with a stable outlook to the proposed issuance.
Proceeds from the bond issuance are intended to fund 16 major redevelopments and 12 new lifestyle malls planned until 2030, as well as new malls in China.
In a separate development, SM Investments Corp. is selling its real estate development subsidiary, Nagtahan Property Holdings Inc., to SM Prime.
SM Prime's Signature Series by SM Residences has also announced plans to invest an initial P25 billion to develop residential clusters, retail, civic spaces, and pocket parks in Susana Heights.
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