Ali secures P12.8-B malls buildup fund

Listed property developer Ayala Land Inc. (ALI) has secured up to P12.87 billion in fresh funding from the International Finance Corp. (IFC) to develop Greenbelt 1 in Makati and Ayala Malls Evo City in Cavite, its latest push for green and resilient projects.

The company said on Friday that the two large-scale commercial developments will have a combined gross leasable area of 89,000 square meters. 

IFC will also work with ALI to roll out the Building Resilience Index (BRI) across 50 commercial and industrial properties, making ALI the first developer worldwide to integrate BRI into its project development process.

“By embedding sustainability into our projects, we enhance customer experience, protect long-term value for our stakeholders, and set new benchmarks for the industry,” said ALI president and CEO Meean Dy.

1K in new jobs

The investment is expected to generate over 1,000 direct jobs during construction and operations, while merchant activities in the new properties are projected to employ about 3,000 workers.

The loan is tied to ALI’s sustainability performance targets, including cutting greenhouse gas emissions by 42 percent across its commercial leasing portfolio by 2030, and securing EDGE Zero Carbon certification for 1.5 million square meters of office space by the end of the year.

“IFC is proud to deepen our partnership with Ayala Land as it pushes the frontier for sustainable real estate in the Philippines,” IFC country manager Amena Arif said.