Ayala Land Inc. (ALI) bolstered its cash position after raising P2.67 billion from the sale of a portion of its holdings in AREIT Inc., while parent firm Ayala Corp. (AC) simultaneously increased its stake in the property developer.

In a disclosure on Wednesday, AC said it purchased 35 million ALI common shares at an average price of P13.07 each.

The acquisitions, consisting of 20 million shares bought at P13.10 apiece and 15 million shares purchased at P13.04 each, increased the conglomerate's ownership in ALI to 53.58 percent from 53.15 percent as of end-March.

On Tuesday, ALI confirmed completing a block sale of 75 million AREIT shares at P35.60 apiece, generating gross proceeds of about P2.67 billion before fees and taxes.

The transaction was carried out through a placement agreement with UBS AG Singapore Branch and BPI Capital Corp., with settlement scheduled on 18 June.

The property giant, however, has yet to disclose how it plans to use the proceeds from the transaction.

“ALI will submit the required Reinvestment Plan detailing the use of proceeds obtained from the block sale in due course,” the company said.