Ayala Land raises P489.36M from block sale of AREIT shares

LISTED property developer Ayala Land, Inc. (ALI) has raised P489.36 million from a block sale of shares in its real estate investment trust, AREIT, Inc., as part of its efforts to fund growth initiatives.

The transaction involved 12 million AREIT common shares sold at P40.78 per share to “qualified institutional buyers” both within and outside the United States, through UBS AG Singapore Branch, ALI said in a regulatory filing on Thursday.

ALI noted that the proceeds will be settled on July 7, subject to the terms and conditions of the sale.

“ALI will submit the required reinvestment plan detailing the use of proceeds obtained from the block sale in due course,” the company added.

On Thursday, ALI shares declined by 1.59% or 45 centavos to P27.90 apiece, while AREIT stocks fell by 1.19% or 50 centavos to P41.40 each. — Revin Mikhael D. Ochave