Ayala Land creates subsidiary for small retail centers

Property giant Ayala Land Inc. will be creating a wholly-owned subsidiary to handle the development of "neighborhood centers", small format retail facilities, to be located within the company's growth centers in Luzon. Ayala Land told the Philippine Stock Exchange that its board approved the incorporation and capitalization of Primavera Town Centre Inc. Primavera will have an initial infusion of P320 million. The subsidiary will fund the development of five new neighborhood centers next year, with another three to six neighborhood centers to be added to its portfolio in each of the succeeding four years. These centers will be located in areas such as Makati, Bonifacio Global City, Nuvali and other potential growth centers in and around Luzon. "Neighborhood centers will offer a convenient shopping and lifestyle experience to the immediate mixed-use communities in these growth centers and will have a maximum size of 10,000 square meters of gross leasable area. (GLA)," the company said. Ayala Land said the incorporation of Primavera was aimed at expanding its market and geographic reach to serve broader economic segments in more areas across the country. - Cheryl M. Arcibal, GMANews.TV