ALI said it would submit in due course the required reinvestment plan detailing the use of proceeds obtained from the block sale. The company in September raised P2.72 billion after selling 75 million common shares of AREIT at P36.2 apiece under a placement agreement. Last May, ALI announced that it has sold more shares of AREIT in line with the company's property-for-share swap transaction with the listed real estate investment trust. Together with its wholly owned subsidiary Westview Commercial Ventures Corp., ALI then sold a total of 98 million common shares of AREIT at P32.45 apiece, equivalent to a total of P3.18 billion. The company also sold P5.6 billion worth of AREIT shares at the start of the year. ALI is the sponsor of AREIT, the listed real estate investment trust of the Ayala Group.