Ayala Land Inc, one of the largest listed property development companies, raised P2.78 billion from the private placement of a substantial block of AREIT Inc. shares to BPI Capital Corp. and UBS AG Singapore Branch.
A total of 75 million shares of AREIT, the real estate investment trust of Ayala Land, were sold for P37 each. The transaction was upsized on the back of strong participation from local long only and international investors, and was multiple times oversubscribed.
The AREIT shares were offered and sold outside the United States in reliance on Regulation S under the U.S. Securities Act of 1933, as amended, and within the United States to qualified institutional buyers as defined in, and in reliance on, Rule 144A under the U.S. Securities Act. The offer shares were also offered and sold in the Philippines in transactions that do not require registration under the Philippine Securities Regulation Code.
The sale of the shares is exempt from the registration requirements of the SRC, and was not registered with the Philippine Securities and Exchange Commission (under the SRC. Any future offer or sale of the Offer 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 December 12, subject to the terms and conditions of the Placement Agreement. Ayala Land and its subsidiary will submit the required Reinvestment Plan detailing the use of proceeds obtained from the block sale in due course.
