PROPERTY developer Ayala Land Inc. (ALI) plans to fund three developments in Metro Manila, including construction of the new Mandarin Oriental Hotel, with the P2.7 billion raised from the block sale of 75 million common shares of real estate investment trust AREIT Inc.
In its reinvestment plan filed with the stock exchange on Tuesday, ALI said it "intends to invest its net proceeds in residential and commercial developments comprising one office building, one residential development, and one hotel building in Metro Manila which Ayala Land may undertake on its own or through other subsidiaries and affiliates."
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