MANILA, April 24 (Reuters) - Philippine property developer Ayala Land Inc is looking to raise $500 million in the country’s first real estate investment trust (REIT) offering, officials said on Wednesday.
A law allowing REITs was passed in 2009 but property firms shied away from it because of what was then seen as high public ownership requirement and unfavourable tax rules.
“We are testing the framework. We will start with a few assets only, primarily Makati central business district assets, basically offices,” Ayala Land Senior Vice President Jose Emmanuel Jalandoni told a news briefing.
Ayala Land is a unit of Ayala Corp, the Philippines’ oldest conglomerate, which has interests ranging from retail, wind and solar energy and telecoms to banking, healthcare, automotives and utilities.
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