Arthaland to offer P3B preferred shares

Arthaland to offer P3B preferred shares

Boutique real estate developer Arthaland Corp. of the Po family is returning to the capital market with a fresh offering of preferred shares amounting to as much P3 billion.

In a registration statement filed with securities regulators, Arthaland said it would issue up to four million Series D preferred shares with an oversubscription option of up to two million preferred shares at a maximum price of P500 each.

Arthland has mandated BDO Capital as the sole issue manager, lead underwriter and bookrunner for the offer.

Proceeds will be used to fund the redemption of Series B preferred shares on December 6 as well as additional investments in the Cebu Exchange or Savya Financial Center in a bid to increase its recurring income base.

The 38-storey Cebu Exchange is envisioned to be one of Cebu’s largest and tallest office developments and will cater to Cebu’s booming office space market.

Located on a 8,440 square meter property across the Cebu IT Par, Cebu Exchange will have a total net saleable area of almost 90,000 sqm.

As of July 31, ALCO had executed about P8.4billion in reservation sales contracts covering about 64 percent of the total NSA of the Cebu Exchange.

Meanwhile, the Savya Financial Center is a grade A mid-rise office project which will rise within Ayala Land’s mixed-rise development Arca South. The two tower development has been registered for dual certification in the US Green Building Council’s Leadership n Energy and Environmental Design (LEED).

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