Ayala Land secures $225M IFC loan for Greenbelt 1, Evo malls dev't

Property giant Ayala Land Inc. has secured a multimillion-dollar loan from the International Finance Corporation (IFC), a World Bank Group member, for the development of two major malls as well as integrating sustainability and resilience on its buildings and commercial properties.

In a statement on Friday, the IFC said it is providing Ayala Land a second sustainability-linked loan of up to P12.87 billion or about $225 million.

The lender said the loan will fund the development of Greenbelt 1 in Makati and Ayala Malls Evo City in Cavite—two large-scale commercial projects with an estimated gross leasable area of 89,000 square meters.  

The IFC, moreover, said it will collaborate with Ayala Land to implement its Building Resilience Index across the firm's 50 commercial and industrial properties.

The lender said this is the second sustainability-linked loan to Ayala Land in 2024 at P14.5 billion to support the company's decarbonization of its commercial real estate portfolio.

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

"This programmatic approach not only mobilizes financing, but also creates jobs and strengthens resilience in a country prone to extreme weather events," said Arif.

The IFC said its loan 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, creating vibrant commercial ecosystems in both districts.

"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 Meean Dy, president and CEO of Ayala Land. 

"Our partnership with IFC demonstrates that sustainable financing is not only achievable, it’s scalable. This is a model for how we will fund our growth in the future," said Dy.

The IFC said the latest sustainability-linked loan came after Ayala Land's achievement of specific sustainability performance targets, which included reducing greenhouse gas emissions by 42% across its commercial leasing portfolio by 2030, and the EDGE Zero Carbon certification of 1.5 million square meters of office space by the end of 2025. — VDV, GMA Integrated News