In a regulatory filing, ALI said its subsidiary AREIT Inc. has priced its initial public offering at P27 each share, lower than rthe maximum indicative price of P30.05 per share.
AREIT is expected to raise as much as P13.57 billion from the maiden offering of up to 502.57 million shares or about 49% of its capital.
The offer period will run from July 27 to August 3.
The company’s portfolio consists of the two-tower Ayala North Exchange,
Solaris One (a 24-story Grade A Peza-accredited commercial building in Makati City) and McKinley Exchange (a five-story Grade A, Peza-accredited mixed-use development in Makati).
All five buildings have a combined gross leasable area of 153,000 square meters.
Both ALI and AREIT are committed to expand the REIT portfolio through organic growth and acquisition of new assets.
BPI Capital Corp. is sole global coordinator and joint bookrunner for the offer whileUBS AG Singapore Branch is the international joint bookrunner for the international tranche of the institutional offer.
PNB Capital and Investment Corp. and SB Capital Investment Corp. will serve as joint lead underwriters for the domestic tranche.