Philippines’ Ayala Land files for $282m REIT offering

Visual from the company website

Philippines’ Ayala Land Inc has filed an application for an up to 14.4 billion Philippine pesos ($282 million) real estate investment trust (REIT) share sale, the first in the country, the country’s corporate regulator said late Friday.

The Philippine government last month sweetened the rules on REITs, which manage real estate assets that regularly generate profits and distribute dividends to investors, with lower public float and tax perks.

In a regulatory filing, Ayala Land said its subsidiary, AREIT Inc, plans to offer as many as 478.64 million, mostly secondary, shares at a maximum price of 30.05 pesos apiece. It has an option to sell another 23.93 million overallotment shares.

The maximum offer price is a placeholder amount included in the filing to securities regulators. It is not uncommon to cut the maximum offer price late in the sale process.

AREIT owns three commercial buildings in Makati, the country’s main financial hub in the capital. Parent firm Ayala Land, one of the country’s largest landlords, will raise as much as 1.36 billion pesos in net proceeds that will fund future property investments, the company said.

The Philippines’ REIT law was enacted in 2009, but it has failed to take off because a high public ownership requirement and transaction taxes turned off property companies.

Reuters

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.