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Fernando Zobel sells AREIT shares to bankroll Ayala Land’s P1.408B mall expansion in Makati, QC, Cavite

Bilyonaryo Fernando Zobel has raised new funds for the expansion of Ayala Land Inc.’s shopping mall expansion in Makati, Quezon City and Cavite.

ALI sold 44 million shares in AREIT Inc. at P32 per share on April 30.

This reduced ALI’s stake from 45.04 percent to 40.75 percent or P14.336 billion based on its recent close.

ALI will use the P1.408 billion raised from the sale to bankroll its shopping mall expansion.

The country’s biggest property developer has budgeted P608 million for the ongoing renovation of Glorietta and Greenbelt malls in Makati (currently 79 percent completed).

It will spend P420 million for the construction of a retail podium which will serve its Evo City project in Cavite.

The remaining P380 million will be used for a nine-storey retail mall with trade hall in its Trinoma shopping complex in Quezon City.

The Evo City and Trinoma projects will add a combined 100,000 square meters of lease area to ALI’s portfolio.

The sale is part of ALI’s P15.464 billion property for shares swap with AREIT which is set for completion before the end of 2021.

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