How the country’s largest developer is using AREIT capital recycling to fund the next generation of malls, offices and hotels — while quietly directing a slice back into residential development. Ayala Land Inc. has long sold investors a simple proposition: it owns the land, builds the districts, matures the assets, and then finds ways to recycle capital into the next growth cycle. With AREIT Inc., that machine has become more visible — and more financialized. In its latest reinvestment plans, Ayala Land maps out how it intends to redeploy ₱7.87 billion in net proceeds from two recent AREIT share sales: ₱4.18 billion from the sale of 100 million AREIT shares at ₱41.90 per share, received on Nov. 28, 2025, and ₱3.69 billion from the sale of 88 million AREIT shares at ₱42.00 per share, received on Mar. 3, 2026. The proceeds are required to be reinvested in Philippine real estate and/or infrastructure projects under REIT rules, but Ayala Land’s plans make clear it does not intend to ...