Listed Philippine property developer Ayala Land Inc (ALI) is seeking to raise up to $246.8 million (P11 billion) in loan deals with different banks to fund some of its projects this year.
ALI also plans to raise up to $44.8 million (P2 billion) via its investment tool the Ayala Land Homestarter Bond.
“We are in the process of raising the remaining P13 billion balance of our P20 billion borrowing program for 2015. The aforesaid balance shall be comprised of up to P11 billion in bilateral long-term loans from various banks and up to P2 billion in Homestarter Bonds to be issued to retail investors subject to the registration and approval requirements of the Securities and Exchange Commission,” ALI told the stock exchange yesterday.
The real estate conglomerate has just concluded its P7 billion retail bond offering on Wednesday.
ALI disclosed plans of building a giant shopping mall in Paranaque City, which is much bigger than the SM Mall of Asia (MOA) in Pasay City owned by tycoon Henry Sy Sr.
The giant mall will have a gross floor area of 407,000 square meters to be built within a 9-hectare mixed use complex in Paranaque which will include commercial offices, and a 12-storey hotel with at least 325 rooms.
ALI’s last traded price went down by 2.64 per cent or P1.05 to close at P38.65 on Thursday.
PH based real estate co Ayala Land acquires Aegis in a $9.7m share buyout