Ayala Land raises P2.7B in AREIT sale at 8.6% discount

Ayala Land, Inc. (ALI) has raised approximately P2.7 billion by selling 75 million shares of AREIT Inc. at P36.20 per share—a discount of about 8.6 percent—through a block sale.

The transaction, managed by BPI Capital and UBS AG Singapore Branch, was oversubscribed due to strong demand from institutional investors.

“The transaction was upsized on the back of strong participation from local long-only and international investors, and was multiple times oversubscribed,” Ayala Land said in a stock exchange filing on Tuesday.

By selling shares, Ayala Land increased AREIT’s public float, providing more room for future asset injections into the real estate investment trust.

AREIT shares declined 4.17 percent to P37.95 per share, which was still above the selling price, while Ayala Land closed flat at P28.15 per share.