BIZ BUZZ: Ayala in talks to buy back valuable AIM property
Ayala Land Inc. (ALI) may soon get back the land it donated to the Asian Institute of Management (AIM) decades after the business school had been established.
ALI chief financial officer Augusto Bengzon confirmed on Thursday that they were in talks with AIM Foundation to reclaim the 1.1-hectare (ha) land.
AIM was opened in 1968 under a partnership between the country’s biggest business leaders and the Harvard Business School Advisory Group. This makes it older than Greenbelt 1 (Greenbelt Square when it was opened in 1982), which stands right across AIM (and is currently undergoing a facelift).
Although Bengzon did not give a specific teaser as to what ALI would do to this valuable piece of land, he confirmed that negotiations were under way mainly because the school was already looking for a bigger campus.
“We’re negotiating for it,” Bengzon said, adding that the total acquisition would depend on current market prices.
We’re on the edge of our seats to know what’s next for AIM—and the 1.1-ha land.
