Philippine investor plans country’s first REIT

The Philippines’ largest property developer, Ayala Land, plans to file an application for a public offering and listing on the Philippine Stock Exchange later this year.

It plans to raise about P26 billion ($500 million) on certain office buildings in Makati City through the REIT framework.

Ayala Land is a unit of Ayala Corp, the Philippines’ oldest conglomerate, which has interests ranging from retail, wind and solar energy and telecoms, to banking, healthcare, automotives and utilities. The company has filed for the name change of an existing company, One dela Rosa Development, Inc., into Ayala Land REIT Inc. (ALI), which will now serve as the vehicle for the REIT listing. ALI has also filed amendments to its articles of incorporation to reflect its intention to file for REIT status.