Ayala Land sells shares in AREIT

Real estate Ayala Land, Inc. has monetized a small portion of its 61.71 percent stake in AREIT Inc. as part of continuing efforts to raise fresh funds while increasing the public float of its real estate investment trust.

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In a disclosure to the Philippine Stock Exchange, the firm said it sold an aggregate of 12 million AREIT common shares at a transaction price of P40.78 per share, equivalent to P489.36 million (exclusive of fees and taxes) pursuant to the terms and conditions of the Terms of Sale with UBS AG Singapore Branch.

The shares were offered and sold outside the United States and within the United States to qualified institutional buyers.