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