Ayala Land war chest boosted by AREIT deal

PROPERTY giant Ayala Land Inc. (ALI) said it intends to use the proceeds from a block sale of shares in its real estate investment trust AREIT Inc. to fund ongoing and future investments.

ALI and its wholly owned subsidiaries, AyalaLand Offices Inc. and Glensworth Development Inc., last month raised roughly P5.6 billion following the sale of 181 million common shares in AREIT at P31.10 apiece.