PROPERTY giant Ayala Land Inc. (ALI) intends to boost its expansion in the Luzon and Visayas regions using funds raised from a block sale of shares in its real estate investment trust, AREIT Inc.
PROPERTY giant Ayala Land Inc. intends to boost its expansion in the Luzon and Visayas regions using funds raised from a block sale of shares in its real estate investment trust, AREIT Inc.ALI and its wholly owned unit, Westview Commercial Ventures Corp., last week successfully raised around P3.16 billion following a block sale of 98 million common shares in AREIT.
'With 52 estates across the country, the Ayala-led property developer clarified that the proceeds from the block sale would not be reinvested in any infrastructure projects.'For purposes of monitoring, Ayala Land shall prepare a quarterly progress report of actual disbursements on the projects covered by this reinvestment plan,' it continued.
Land Ramps Up Nationwide Expansion
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