Property giant Ayala Land further pared its stake in real estate investment trust arm AREIT Inc. through a P3.2 billion block sale on Tuesday.
This will ensure that AREIT avoids a trading suspension and remains compliant with the public ownership requirements of the Philippine Stock Exchange ahead of major asset-for-share infusion from Ayala Land later this year.
In a stock exchange filing on Tuesday, Ayala and subsidiary , Westview Commercial Ventures Corp., sold 98 million common shares of AREIT at P32.45 per share, a roughly 5 percent discount from its closing price the previous day.
The transaction, anchored by high-quality long-only institutional investors, was twice oversubscribed at the clearing price, Ayala Land said.
The deal was arranged by BPI Capital Corp. and UBS AG Singapore Branch.
Ayala Land is preparing to inject projects valued at nearly P22 billion into AREIT. These include the Ayala Triangle Gardens Tower 2, Greenbelt 3 and 5, Holiday Inn and Suites Makati, and Seda Ayala Center Cebu.
