By Jenniffer
B. Austria | Posted on Jul. 16, 2013 at 12:01am | manilastandardtoday.com
GT Capital
Holdings Inc., the holding company of tycoon George Ty, is investing an
additional P1.1 billion in property unit Federal Land Inc.
GT Capital
told the stock exchange it signed a subscription agreement to acquire 11 million
common shares from Federal Land’s authorized capital stock worth P1.1 billion.
The property
firm raised P5 billion early this month from the issuance of corporate notes.
The issue size was increased from the original P3 billion amid strong demand
from institutional investors.
Lenders were
composed of banks, insurance companies, pension funds and trust institutions.
Federal Land
said it would use proceeds of the facility, consisting of seven and 10-year
fixed-rate notes, to finance ongoing projects, working capital and general
corporate purposes.
Federal Land
earlier said it would spend P12 billion this year to launch new residential,
office and commercial development projects.
Federal Land
is a leading property developer focusing on the residential segment and has a
40-year track record across various real estate subsectors.
It is
involved in stand-alone residential projects, commercial developments and
master-planned communities.
Federal Land
has over 30 ongoing projects in various stages of completion. Some of the
company’s projects include the Grand Hyatt Residences and Parkwest in Fort
Bonifacio, Marco Polo Residences in Cebu, the Grand Midori in Makati, Bay
Garden Residences in Pasay City and the Capital Towers in Quezon City.
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