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GT Capital raises Federal Land stake

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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