ALI offloads ATC stake for P13.5 B

TO BOOST NEXT-GEN PROJECTS

- By RICHMOND MERCURIO

Property giant Ayala Land Inc. (ALI) is exiting one of its prized retail assets, generating P13.5 billion to fast-track the development of its nextgeneration large-scale and high-growth leasing assets.

ALI has executed a share purchase agreement with its existing joint-venture partner, the Madrigal family, for the sale of its 50 percent ownership of Alabang Commercial Center Corp., the entity that owns and operates Alabang Town Center (ATC) in Muntinlupa City.

ALI said the unsolicited offer from its joint venture partner provided a premium, allowing the company to recognize gains from the sale and monetize its stake in ATC.