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Ayala readies Philippines' first REIT to raise $300m

Deregulation set to unleash listings from developers

The Manila skyline: A thicket of regulations has discouraged Philippine enterprises from listing real estate investment trusts. (Photo by Jun Endo)

MANILA -- Philippine conglomerate Ayala has applied to list the country's first real estate investment trust, with the float expected to raise roughly 15 billion pesos ($294 million).

Ayala Land, the group's property arm, will offer 478.64 million new and existing shares in the REIT, according to filings submitted Friday to the Philippine Securities and Exchange Commission. Each share will be priced at 30.05 pesos, though no date has been set.

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