Ayala Land trims AREIT stake, raising P4.19B

Ayala Land Inc. unloaded some of its shares in its real estate investment trust AREIT Inc. for P4.19 billion.

In a disclosure to the local bourse Wednesday, the real estate giant said that the 100 million common shares, priced at P41.90 each, had been placed out through UBS AG Singapore Branch, BPI Capital Corporation and Maybank Securities Pte. Ltd.

These were taken up by institutional investors from the Philippines and other overseas markets, including the United States. According to the group, the transaction was exempted from the registration requirements of the Securities Regulation Code (SRC), and was not registered with the Philippine Securities and Exchange Commission under the SRC.

Proceeds from this would be settled by Friday. AREIT is the country’s first publicly listed REIT.