Ayala Land to pump in P2B into JV with Lucio Tan’s Eton

Ayala Land Inc. (ALI) is deploying the bulk of the P3.444 billion proceeds from the sale of AREIT shares to buy land in the 35-hectare estate of its partner, Eton Properties of ultra bilyonaryo Lucio Tan.
In a disclosure, ALI has budgeted P1.98 billion to be spent in the second and fourth quarters of 2022 for its 50-50 joint venture with Eton which is developing Parklinks on a sprawling property traversing Pasig and Quezon City.
ALI is also spending P750 million to acquire land in Batangas through Laguna Technopark .
ALI will spend the balance of the P3.44 billion AREI proceeds to buy:
* land in Quezon City for P290.46 million;
* land in Batangas for P125.171 million;
* land in Cavite for P118.362 million;
* P110.3 million for the 43-storey One Vertis office building in Quezon City; and
* land in the 49-hectare Andacillo residential project in Laguna.
ALI raised P3.444 billion after it sold 87.37 million shares of AREIT for P39.70 per share. ALI received the cash on May 2.
This is an 11 percent discount from the P44.65 per share strike price in the P11.2 billion property-for-share swap between ALI and AREIT in April to be completed before the end of 2022.