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Manila Bulletin devider Business devider The Stock Market devider Ayala Land raises ₱4.2 billion in AREIT share sale to boost public float

Ayala Land raises ₱4.2 billion in AREIT share sale to boost public float

Published Nov 26, 2025 01:13 pm
Ayala Land Inc. (ALI) raised ₱4.19 billion from the sale of shares in its real estate investment trust, AREIT Inc., boosting its public float as it prepares for a fresh asset infusion.
In a disclosure to the Philippine Stock Exchange (PSE), ALI said it sold 100 million AREIT common shares at ₱41.90 apiece. The shares were placed with qualified institutional buyers both overseas and in the Philippines via a placement agreement with UBS AG Singapore Branch, BPI Capital Corporation, and Maybank Securities Pte. Ltd.
The proceeds from the block sale are scheduled to be settled on Nov. 28, 2025, subject to the Placement Agreement’s terms and conditions. ALI is set to submit a required Reinvestment Plan detailing the use of these proceeds.
PSE data showed AREIT currently has a public float of 33.4 percent of its 3.72 billion outstanding common shares, slightly above the 33.33 percent minimum requirement for REITs. The 100 million shares sold by ALI will increase the public float by approximately 2.7 percentage points to 36.1 percent. This indicates ALI will need to further reduce its stake in AREIT before completing the next batch of asset infusions, which will be paid for in new AREIT shares.
ALI announced in October that it intends to infuse two malls—Ayala Malls Feliz in Pasig and Ayala Center Cebu—into AREIT in exchange for new shares. The transaction, valued at ₱19.5 billion, is designed to increase the retail component to over half of the real estate investment trust's total portfolio.
AREIT will conduct its sixth property-for-share swap with its sponsor, ALI, and its wholly-owned subsidiary, Summerhill Commercial Ventures Corporation.
“This latest infusion strengthens AREIT’s portfolio with two dynamic retail destinations, enhancing both our geographic reach and asset mix,” said Alberto M. de Larrazabal, AREIT President and CEO. “As we continue to build scale with quality, our shareholders will benefit from a larger and more diversified portfolio.”
The approved transaction involves ALI and Summerhill subscribing to 441.13 million primary common shares of AREIT at ₱44.15 per share. This is in exchange for Ayala Center Cebu, a flagship mall in Cebu Business Park, Cebu City, and Ayala Malls Feliz along Amang Rodriguez Avenue in Pasig City.
The planned infusion, validated by a third-party fairness opinion, is expected to bring AREIT’s Assets Under Management (AUM) to ₱158 billion. The acquired assets have a combined building gross leasable area (GLA) of 375,000 square meters (sqm). This will boost AREIT’s total building GLA to 4.7 million sqm, composed of 1.8 million sqm of building GLA and 2.9 million sqm of industrial land GLA.
Post-transaction, the building GLA mix will shift, with offices accounting for 40 percent, retail increasing to 54 percent, and hotels comprising six percent.
“This improved mix enhances AREIT’s retail exposure and broadens its footprint across Metro Manila and Cebu,” AREIT stated.
ALI and AREIT are targeting to complete the transaction by the second half of 2026. If approved, the total infusions for the year will reach ₱40.5 billion, marking AREIT’s largest annual addition to date. Consistent with prior transactions, this latest infusion is expected to be yield-accretive and support future dividend growth.

Related Tags

Ayala Land Inc. AREIT Inc. Alberto M. de Larrazabal
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