Ayala Land Inc. (ALI), the real estate property arm of the Ayala Group, has confirmed discussions to reclaim the 1.1-hectare property in Makati City where the Asian Institute of Management (AIM) sits.

ALI chief financial officer Augusto Bengzon said during a press chat that negotiations are ongoing, especially since AIM is eyeing to relocate to a bigger space.

“We’re negotiating for it,” Bengzon said.

The property was originally donated to the prestigious business school.  

Established in 1968 through a collaboration between top Filipino business leaders and the Harvard Business School Advisory Group, AIM has stood as a landmark in Makati’s central business district for decades. It predates even Greenbelt 1 — formerly Greenbelt Square — which opened in 1982 just across from the school and is currently undergoing renovations.  

While Bengzon did not reveal specific plans for the land should ALI regain control, its strategic location suggests it holds significant redevelopment potential.

Meanwhile, Mariana Zobel de Ayala, ALI’s Head of Leasing and Hospitality, said the company is set to open 78,000 square meters of new retail space this year.

In addition to its expansion plans, ALI aims to revamp another 30,000 square meters of retail space to enhance customer experience. The company is also pushing forward with an extensive mall redevelopment program, with key projects nearing completion.

To date, renovations across its flagship malls — Glorietta, Ayala Center Cebu, Trinoma, and Greenbelt — are now between 40 percent and 60 percent complete.