Ayala Land Inc. (ALI) is eyeing two of the three government properties scheduled for privatization this year as the developer seeks to expand its footprint in Taguig and Makati.
The government is reportedly preparing to bid out an additional portion of the Food Terminal Inc. (FTI) Complex in Taguig City, the Mile Long Complex and Atrium in Makati City.
ALI chief finance officer Jose Eduardo Quimpo II said the company would evaluate the FTI property due to its proximity to the 74-hectare Arca South development and the Atrium for its location within the Makati central business district.
Arca South, which sits on a former portion of the FTI property, features a cancer hospital, residential condominiums and offices.
A shopping mall is scheduled to open at the site soon. However, Quimpo noted that the company is not looking to acquire land for land-banking and intends to prioritize the development of its existing holdings.
Alongside its expansion interests, the property developer plans to refinance nearly P20 billion in maturing debts this year. Quimpo said the company is looking to raise funds through a mix of bonds and bank debt to cover these maturities.
While Quimpo did not specify the total amount to be raised, he cited the possibility of issuing sustainability-linked bonds.
“We have raised a billion dollars’ worth of sustainability-linked financing. It is something that we want to sustain,” Quimpo said.
The fund-raising activity will be timed to coincide with specific debt deadlines.
Data from the Philippine Dealing & Exchange Corp. showed that ALI has P8 billion in bonds maturing in March and another P8 billion maturing in May.
