Ayala Land Is Seeking To Raise P15 Billion (US$300 Million) As Philippines’ First REIT Listing
13 February 2020 — Ayala Land, Inc. (ALI) through its subsidiary, AREIT, Inc., is seeking to raise as much as P15.0 billion from the issuance of up to 478,639,700 shares comprising of: 1) 47,864,000 new common shares through a primary offering and, 2) 430,775,700 existing common shares through a secondary offer and 3) an additional over-allotment option of 23,932,000 shares.
The offer price is up to P30.05/share, subject to a book-building process. Net proceeds will be used to fund future investments in real estate properties in the Philippines.
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