By The Financial District
ALI Reinvesting ₱6.58-B Proceeds From AREIT Share Sale
Property giant Ayala Land Inc. (ALI) is reinvesting the P6.58 billion it raised from the sale of some of its shares in AREIT Inc. for part of the capital expenditures needed for the development of 10 ongoing projects.
Photo Insert: The Taguig projects are the Garden Court Residences, Arbor Lanes, Tryne Enterprise Plaza, and Park Cascades.
In a disclosure to the Philippine Stock Exchange, ALI said it sold 205 million shares of AREIT at a transaction price of P32.10 per share in relation to its P22.5 billion property-for-share swap transaction with AREIT.
The sale of the AREIT hares is exempt from the registration requirements of the SRC, and the said shares were not registered with the Securities and Exchange Commission.
However, any future offer or sale of the shares by the buyers thereof in the Philippines is subject to the registration requirements of the Securities Regulation Code unless such offer or sale qualifies as an exempt transaction in accordance with the applicable requirements of the SRC.
ALI said it intends to use proceeds received from the sale of the AREIT shares to fund ongoing and future investments in real estate properties in Metro Manila which it may undertake on its own or through other subsidiaries and affiliates.
Based on its reinvestment plan, ALI will be investing proceeds in three new Metro Manila properties. The first, a 50 percent-owned project will receive funding in the second quarter of 2023 while the two fully-owned projects will get funding in the last quarter of 2023.
Proceeds will also be used in the second to the third quarter of 2023 on seven fully-owned ongoing projects in various stages of completion in Taguig and Quezon cities as well as in Laguna.
The Taguig projects are the Garden Court Residences, Arbor Lanes, Tryne Enterprise Plaza, and Park Cascades while the Quezon City projects are the One Vertis Plaza and Orean Place T1. The Laguna project is called Andacillo.
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