NEXTASIA raises P300M for land bank expansion

NEXTASIA LAND, Inc. is expanding its Southern Luzon land bank after securing a P300-million unsecured corporate note facility to support project development and land acquisition.

“This transaction is an important step in strengthening our capital structure while maintaining flexibility for future expansion,” Chairman Crispin Y. Carreon said in a statement on Tuesday.

The transaction marks the developer’s first debt capital market issuance and involved qualified investors, the company said.

NEXTASIA said proceeds would fund projects and help acquire more land within its core growth areas.

Mr. Carreon said the company focused on building a strategic market presence rather than maximizing the size of the facility.

The developer said access to the capital market would provide a more efficient funding source as it expands its portfolio of residential and technology-enabled projects.

“The company’s clear vision and market positioning, attractive growth prospects and disciplined approach to execution have been well received by investors,” BPI Capital Corp. President Lester Ong said.

BPI Capital Corp. acted as sole arranger and bookrunner for the transaction.

BPI Asset Management and Trust Corp. will serve as facility agent and paying agent for the corporate notes. — Juliana Chloe A. Gonzales