Federal Land raises P6.6B to fund existing projects

Real estate firm Federal Land Inc. has raised P6.6 billion from its maiden issuance of five-year, fixed-rate corporate notes, to fund its existing projects, the company said in a statement Thursday. The bonds, arranged by First Metro Investment Corp., were subscribed to by 18 participating lenders composed of banks, trust companies, and mutual funds, the Federal Land said. Federal Land is the property arm of George Ty’s Metrobank group. First Metro is the group’s investment banking unit. This is the first time the Federal Land tapped the domestic capital market, according to the property development company. “We are happy with the capital market’s positive reception of the [issuance]. This landmark transaction gives us a clear indication of investors’ confidence in Federal Land," said its executive vice president and general manager, Jose Mari Banzon. The Federal Land has nearly 4-decade experience in property development. The company said it has more than 20 ongoing developments, including the Grand Midori Makati, the Capital Towers in Quezon City, the Peninsula Garden, the Riverview Mansion, and the Four Seasons Riviera in Manila. — JE/LBG, GMA News