Ayala Land Inc. said Tuesday that in tandem with wholly-owned subsidiary, Westview Commercial Ventures Corp., it raised P3.18 billion from the sale of shares in AREIT Inc., the first listed real estate investment trust on the Philippine Stock Exchange.
Ayala Land and Westview sold a combined 98 million AREIT shares via private placement handled by BPI Capital Corp. and UBS AG Singapore Branch. The placement was two times oversubscribed at the clearing price of P32.45 anchored by high-quality long-only institutional investors.
The placement is in relation to Ayala Land’s property-for-share swap transaction with AREIT.The AREIT shares were offered and sold outside the United States in reliance on Regulation S under the U.S. Securities Act of 1933. The shares were also offered and sold in the Philippines in transactions that do not require registration under the Philippine Securities Regulation Code.
Any future offer or sale of those AREIT shares by the buyers thereof in the Philippines is subject to the registration requirements of the SRC unless such offer or sale qualifies as an exempt transaction in accordance with the applicable requirements of the SRC.The proceeds from the block sale shall be settled on 23 May this year.
Ayala Land and its subsidiary will submit the required Reinvestment Plan detailing the use of proceeds obtained from the block sale in due course.
