Ayala Land forms retail joint venture

Ayala Land Inc., the Philippines’ largest property developer by market capitalisation, said Wednesday that it has formed a joint venture with Specialty Investments Inc. to pursue opportunities in the domestic retail sector.

Specialty Investments is a wholly owned subsidiary of Stores Specialists Inc. a major retail company in the country with exclusive rights to sell and distribute a variety of global brands.

The joint venture will help buoy tenancy rates at Ayala Land’s mixed-use developments, the company said in a filing to the stock exchange.

It didn’t disclose the shareholding structure of the joint venture or provide financial details. -By Rhea Sandique

http://www.marketwatch.com/story/philippines-ayala-land-forms-retail-joint-venture-2012-05-22

 

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