AREIT shares slipped 0.53 percent to P37.50 each while Ayala Land rose 0.83 percent to P36.30 each.
In the past, owners of real estate investment trusts (REITs) have sold down stakes in their subsidiaries to external parties to maintain a diversified ownership structure, as required by REIT regulations.
Oversubscribed deal
“The transaction was multiple times oversubscribed, given the solid demand from high-quality, long-only institutional investors,” Ayala Land said in a stock exchange filing.
The shares were sold outside the US under Regulation S and within the US to qualified institutional buyers under Rule 144A. In the Philippines, the sale did not require registration under the Securities Regulation Code.
Proceeds from the sale will be settled on Sept. 24, 2024, with Ayala Land set to submit a reinvestment plan outlining the use of the funds.
