Manila's Ayala Land says REIT could raise $400 mln

By Erik dela Cruz, Reuters Ayala Land Inc , the Philippines' top property firm, could raise up to $400 million from its planned real estate investment trust (REIT) once the government approved the investment vehicles, its chief financial officer said. Ayala Land, a unit of conglomerate Ayala Corp , appointed UBS and JP Morgan as early as last year as joint advisors and global coordinators for its REIT offering. "We're on a push-button mode. (The offer) could be between $300 million and $400 million," Jaime Ysmael said on Wednesday, after the company released its first quarter results. "We have assembled the execution team. (The launch) depends whether the government addresses the concerns," he told a news briefing. Finance Secretary Cesar Purisima has sought changes to the REIT law before he approves it, saying he wanted at least 51 percent of REITs to be sold initially to the public, higher than the planned minimum of a one-third stake. Purisima wanted to ensure a majority of shares were sold to the public to prevent property firms from using REITs just for tax advantages. 13 May 2011