Ayala Land—controlled by tycoon Jaime Zobel de Ayala and his family—plans to sell up to 30 billion pesos ($492 million) of assets to its real estate investment trust, helping the developer raise funds to bankroll the ongoing revamp of its office buildings, shopping malls and hotels.

About 20 billion pesos worth properties to be sold to AREIT include shopping malls in Metro Manila and in the central Philippine city of Bacolod as well as three hotels including Fairmont Raffles Hotel Makati and New World Makati Hotel, which Ayala Land acquired last year from Hong Kong billionaire Henry Cheng’s New World Development.

AREIT will pay 2.6........

© Forbes