Ayala Land Inc. (ALI) successfully raised P4.19 billion from the sale of AREIT Inc. shares via an overnight placement, the property firm said in a stock exchange disclosure Wednesday.
ALI sold 100 million AREIT shares at P41.90 per share, which represented a 4 percent discount to the stock’s closing price of P43.65 on Tuesday. AREIT is ALI’s listed real estate investment trust company.
ALI engaged UBS AG Singapore Branch, BPI Capital Corporation and Maybank Securities Pte. Ltd. for the placement.
The share sale was completed ahead of a planned P19.5 billion property-for-share swap deal between AREIT and ALI.
In October, ALI announced it would infuse two malls — Ayala Center Cebu in Cebu City and Ayala Malls Feliz in Pasig City — valued at P19.5 billion into AREIT. In exchange, ALI will receive 444.131 million AREIT shares.
The asset infusion will increase AREIT’s total assets under management (AUM) to P158 billion. The two malls have a combined gross leasable area (GLA) of 375,000 square meters, raising AREIT’s total building GLA to 1.8 million square meters and industrial land GLA to 2.9 million square meters.
Post-transaction, AREIT’s portfolio mix will shift to 40 percent office space, 54 percent retail and 6 percent hotels. The company expects the addition to strengthen its retail exposure and expand its footprint in Metro Manila and Cebu.
The property swap is still subject to approval by AREIT shareholders at a special stockholders’ meeting scheduled for Dec. 11, 2025, and by relevant regulatory bodies. Once approved, ALI’s total infusions for the year will reach P40.5 billion.
Earlier this year, AREIT also announced plans to acquire P21 billion worth of assets from ALI, a deal which received approval from the Securities and Exchange Commission last month.
Meanwhile, the share sale follows ALI’s previous divestment of P489.36 million worth of AREIT shares last July.
