bigjackpot88 Arthaland completes P2.5-B fundraising, new residential dev’t coming
Upscale property developer Arthaland Corp. has raised P2.5 billion from its follow-on offering of preferred shares to fund the development of a new residential project in Metro Manila.
The Po family-led real estate firm on Thursday listed the shares, which carry an initial dividend rate of 7.326 percent per annum, on the Philippine Stock Exchange. Unless Arthaland redeems the shares, the rate will increase after five years.
Article continues after this advertisementArthaland sold 4.96 million shares at P500 each.
FEATURED STORIES BUSINESS To the trade secretary, please save our bananas BUSINESS Experience holiday joy at Met Park’s festive estate BUSINESS DoubleDragon eyes first industrial REIT IPO in 2025READ: Arthaland seeks to raise P3B from sale of shares
Proceeds will fund the development of a two-tower residential project in the midmarket segment.
Article continues after this advertisement“This will supplement Arthaland’s larger, multiphased projects, which will provide a steady pipeline of sustainable, master-planned projects that will be launched over the next 10 years and beyond,” the company said in a statement.
Article continues after this advertisementThis marks the fourth of such fundraising activity by Arthaland.
Article continues after this advertisementThe company currently has a gross floor area of 456,000 square meters, growing nearly six times in the past five years.
Earlier, Arthaland said it was acquiring a 3,700-square-meter residential property in northern Metro Manila that would be developed into a high-rise condominium. The first tower will be launched by the second quarter of 2025.
In June, Arthaland vice chair and president Jaime González said the shift to the residential market was due to the decline in office space occupancy as more companies preferred remote work arrangements postpandemic.
Subscribe to our daily newsletter
