Ayala Land Sells $492M Assets to Its Investment Trust

Ayala Land will sell properties worth 20 billion pesos to AREIT, including malls in Metro Manila and Bacolod.

AREIT will pay 2.6 billion pesos for a hotel and Ayala Land will get more shares for other properties.

Fairmont Raffles Hotel Makati is in Metro Manila, Philippines.

The deal is approved and Ayala Land plans to sell 10 billion pesos more assets to AREIT this year.

The money from the sale will be used to grow rental income from new projects.

The company will spend 60 billion pesos on these projects this year.

The CEO said these projects are important and the company wants to deliver them.

Ayala Land is saving money due to a slow property market and less consumer spending.

The company stopped building a luxury condo project because construction costs are high.

Ayala Land's profit fell 20% and revenue fell 10% due to weak demand.

AREIT will have more space to lease with the new assets, including offices, malls, and hotels.

Jaime Zobel de Ayala and his family are among the richest in the Philippines with a net worth of $2.8 billion.

COPYRIGHT DISCLAIMERS

4English does not own the rights to this content. All rights belong to the owner. 4English only uses this content to help users learn English via the app's features. Contact to request the removal of your content: contact@4englishapp.com.

Pratique d'écoute