Ayala Land sells 50% stake in Alabang Town Center for P13.5 billion

Ayala Land, Inc. (ALI) has signed a share purchase agreement to sell its 50% ownership in Alabang Commercial Center Corp., the company that owns and operates Alabang Town Center in Muntinlupa City, for P13.5 billion.

In a disclosure on Tuesday, the property developer said the agreement was executed with its existing joint-venture partner and is subject to customary closing conditions.

ALI said the unsolicited offer provided a premium, allowing the company to recognize gains from the sale and monetize its stake in Alabang Town Center.

Proceeds from the transaction will be used to support the growth of ALI’s leasing portfolio and to provide a return of capital to stakeholders, the company said. — ALB