ALI to expand malls in Metro Manila, Cavite

MANILA, Philippines — According to its reinvestment plan for its P1.4 billion proceeds from the sale of shares, ALI will fund ongoing and future investments in Trinoma in Quezon City, Glorietta and Greenbelt in Makati and Evio City in Cavite.

For the Trinoma expansion, ALI will develop a nine-storey retail mall with a trade hall, expanding the existing mall along North Avenue in Quezon City. The project, which will have 50,000 square meters of gross leasable area, is targeted for completion next year. ALI has alloted P380 million for the project.

Another planned project is a retail podium in Evo City, an estate under Ayala Land’s Alveo brand. It will have 50,000 sqm GLA and a planned investment of P420 million for one year.

The renovation of the Glorietta and Greenbelt malls in Makati is ongoing and is already 79 percent complete. With a project cost of P608 million, the renovation of the two Makati malls is targeted for completion in 2022.

ALI sold 44 million of its AREIT shares at a price of P32 per share, raising P1.4 billion.

Last April 29, ALI entered into a placement agreement with BPI Capital Corp. and UBS AG Singapore Branch for a block sale of the AREIT shares.

The block sale is in preparation for the property-for-share swap between ALI and its subsidiaries, Westview Commercial Ventures Corp. and Glensworth Development Inc. and AREIT.

Under the property-for-share swap transaction, AREIT will issue 483.2 million primary common shares of stock to Ayala Land, Westview and Glensworth at an issue price of P32 per share in exchange for P15 billion worth of properties.

The swap will be issued out of the increase in AREIT’s authorized capital stock to P29.5 billion.