GT Capital to invest P1.1B in property unit Federal Land

GT Capital Holdings Inc. will invest another P1.1 billion in its fully-owned property unit Federal Land Inc, the investment holding firm of banking tycoon George S. K. Ty announced Monday.

In a disclosure to the Philippine Stock Exchange, GT Capital said that it signed a subscription agreement to acquire 11 million common shares from Federal Land’s authorized capital stock worth P1.1 billion.

Earlier this month, Federal Land raised P5 billion from selling corporate notes to fund ongoing projects, capital expenditure, and general corporate purposes after exercising an overallotment option to raise the original P3 billion float after encountering strong demand from institutional investors.

Federal Land, which focuses on residential property, is involved in stand-alone residential projects, commercial developments and master-planned communities. It has more than 30 ongoing projects, including the Grand Hyatt Residences and Parkwest in Fort Bonifacio, Marco Polo Residences in Cebu, the Grand Midori in Makati and the Capital Towers in Quezon City. — BM, GMA News