MANILA - Ayala Land Inc said Tuesday its planned P15 billion real estate investment trust listing has secured the approval of the Philippine Stock Exchange.
Ayala Land's AREIT is the first REITs offering in the country. The Securities and Exchange Commission earlier confirmed its pre-effective approval of the listing.
"The PSE Board Approval enables AREIT to issue and list common shares through a REIT Initial Public Offering (“IPO”) of up to ₱15 billion," Ayala Land told the stock exchange.
With clearance from both the SEC and the PSE, the company plans to start the offer period on July 27 to August 3, and the target listing on August 13.
Real estate investment funds give the public more options to engage in property investments.