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Property developer Ayala Land Inc. and its wholly-owned subsidiary Westview Commercial Ventures Corp. raised P3.2 billion from the sale of shares in real estate investment trust firm AREIT Inc. via a private placement.
ALI said the share sale was strongly received by the market as the transaction was two times oversubscribed at the clearing price and was anchored by high-quality long-only institutional investors.The overnight placement will ensure that AREIT will remain compliant with the minimum public float of 33 percent before the ALI’s planned property-for-share swap transaction with AREIT.
ALI is set to inject P28.6 billion worth of assets in AREIT this year. These assets include four commercial buildings in Ayala Center Makati and Ayala Center Cebu and a 276-hectare parcel of industrial land in Zambales.
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