Ayala Land has received approval from the Philippine Stock Exchange for the country’s first-ever real estate investment trust (REIT) while Ayala Corporation unit AC Energy is building a large wind farm in Vietnam.
Ayala Lands gets PSE nod for REIT IPO
The Philippine Stock Exchange (PSE) has issued its regulatory approval for the initial public offering (IPO) of the country’s first-ever real estate investment trust (REIT) sponsored by listed property giant Ayala Land, which seeks to raise up to 15 billion pesos ($303 million).
The PSE approval paves the way for the listing after Ayala Land also received approval earlier from the Securities and Exchange Commission (SEC). The firm plans to run its public offering from July 27 to 31 and list under the ticker “AREIT” on August 7.
Ayala Land said AREIT Inc will offer 1.092 billion common shares on the main board of the PSE. The offering will comprise 47.86 million new common shares and up to 409.19 million existing common shares, with an over-allotment option of up to 46 million secondary shares, at 30.05 pesos each ($0.61).
AREIT’s portfolio consists of investment-grade commercial assets in prime business locations in Makati City.
AC Energy building wind farm in Vietnam
In a disclosure to the Philippine Stock Exchange on Tuesday, AC Energy said it is partnering with AMI Renewables Energy Joint Stock Co for the construction of a 210-megawatts wind farm. The first stage of construction will deliver a capacity of 109.2 MW while the second phase will add 100.8 MW.
Patrice R. Clausse, AC Energy’s international chief operating officer, said the firm aims to be one of the biggest renewables producers in Southeast Asia and sees Vietnam as a key market for wind power.
In 2018, AC Energy started investing in Vietnam’s solar power industry through a partnership with Vietnam-headquartered BIM Group.