PROPERTY developer Ayala Land Inc. (ALI) said Friday that it raised P2.715 billion in fresh funds from an "oversubscribed" block sale of 75 million common shares of its real estate investment trust AREIT Inc., at a price of P36.20 apiece, via a placement agreement with UBS AG Singapore branch and BPI Capital Corp. "The transaction was multiple times oversubscribed, given the solid demand from high-quality, long-only institutional investors," ALI said in a stock exchange filing. Proceeds from the block sale will be settled on Sept. 24, 2024, subject to the terms and conditions of the placement agreement, it said, adding that the company "will submit the required reinvestment plan detailing the use of proceeds from the block sale in due course." The AREIT shares were also offered and sold in the Philippines "in transactions that do not require registration under the Philippine Securities Regulation Code (SRC), specifically Section 10.1(l) and Section 10.1(k) of the SRC and Rule 10.1.3 of the implementing rules and regulations of the SRC," ALI explained. AREIT reported a 44-percent increase in net income, prior to net fair value change in investment properties, of P2.95 billion for the first half of this year from P2.04 billion a year earlier, on the back of a 43 percent jump in revenues to P4.23 billion, driven by increased higher rental income and dues. AREIT shares on Friday lost 20 centavos, or 0.53 percent, to P37.50 each, while shares of its sponsor ALI rose by 30 centavos, or 0.83 percent, to P36.30 apiece.