forbes.com

Ayala Land Plans to Sell Up to P30 Billion in Assets to REIT

Ayala Land logoAyala Land
Sig3.30Sen+1.40Env0.00Soc0.00Gov+0.30

Ayala Land plans to sell up to 30 billion pesos (about $492 million) of properties to its real estate investment trust to raise funds for refurbishing and expanding its office, mall and hotel portfolio. The board approved selling 20 billion pesos first, including malls and three hotels, with another 10 billion pesos planned later. Capital expenditures total 60 billion pesos, while profit fell 19% in the first half.

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