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Manila Bulletin devider Business devider The Stock Market devider ALI sells P3.2-B AREIT shares

ALI sells P3.2-B AREIT shares

Published May 22, 2024 08:21 am

Property giant Ayala Land Inc. (ALI) and its wholly-owned subsidiary Westview Commercial Ventures Corp. have sold a combined P3.18 billion worth of AREIT Inc. shares through a placement agreement with BPI Capital Corporation and UBS AG Singapore Branch.

In a disclosure to the Philippine Stock Exchange (PSE), ALI said they sold a total of 98 million AREIT common shares at a transaction price of P32.45 per share.

“The transaction was two times oversubscribed at the clearing price and was anchored by high-quality long-only institutional investors. The placement is in relation to ALI’s property-for-share swap transaction with AREIT,” ALI said.

The Offer Shares were offered to qualified institutional buyers overseas and in the Philippines.

ALI said the proceeds from the block sale shall be settled on May 23, 2024, subject to the terms and conditions of the Placement Agreement. The required Reinvestment Plan detailing the use of proceeds obtained from the block sale will be submitted by ALI and Westview in due course.

The divesting of some of its AREIT shares will allow ALI to infuse more assets into AREIT without breaching its minimum public ownership requirement.

Last January, ALI raised P5.63 billion from the sale of shares of real estate investment trust AREIT at P31.10 per share in preparation for its share for asset swap worth P23 billion.

ALI said that, together with its wholly-owned subsidiaries AyalaLand Offices, Inc. and Glensworth Development, Inc., it sold a total of 181 million AREIT shares at a transaction price of P31.10 per share.

The shares came from the property-for-share swap transaction with AREIT and proceeds from the transaction will be used according to ALI’s reinvestment plan as REIT sponsor of AREIT.

ALI tapped BPI Capital Corporation, UBS AG Singapore Branch, and CLSA Limited as Placement Agents and noted that the transaction was upsized by over 40 percent, anchored by high-quality long-only institutional investors from the Philippines and overseas.

AREIT acquired P23 billion worth of prime commercial properties from ALI (ALI) alongside the purchase of the P6.77 billion industrial land from Buendia Christiana Holdings Corporation (BCHC), a wholly-owned subsidiary of ACEN Corporation (ACEN).

ALI’s new asset infusions into AREIT comprises Makati flagship assets, Ayala Triangle Gardens Tower 2 – ALI’s most premium office tower located at the corner of Paseo de Roxas and Makati Avenue, luxury mall Greenbelt 3 and 5 and Holiday Inn and Suites Makati at Ayala Center, as well as Seda Ayala Center Cebu.  

ALI and its subsidiaries Greenhaven Property Ventures, Inc. and Cebu Insular Hotel Co., Inc. subscribed to 642.15 million AREIT primary common shares in exchange for the Makati and Cebu properties valued at P21.8 billion at an exchange price of P34 per share, as validated by a third-party fairness opinion.
 

Related Tags

AREIT Inc. Ayala Land Inc.
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