Ayala Land Inc. (ALI) received SEC approval for a ₱19.5 billion asset-for-share swap with its subsidiary, AREIT Inc. ALI will transfer ownership of Ayala Malls Feliz in Pasig and Ayala Center Cebu to the REIT unit. The transaction involves the issuance of 441.13 million new common shares to ALI.
This deal marks the sixth property-for-share swap between the two entities. The infusion increases AREIT’s assets under management to a total of ₱158 billion. Retail properties will now represent 54% of the company’s total building portfolio.
The new common shares are scheduled for listing on the Philippine Stock Exchange in the second half of 2026.